E-wallets accelerate Philippine e-commerce to double
According to a study by UnaCash, the penetration of e-wallets is one of the main contributing factors to the rapid development of e-commerce in the Philippines. Analysts estimate mobile wallets can add up 2.3 Trillion PHP to the Philippines economy, reaching twice the milestone of the 5.5% share of eCommerce to the national GDP.

Trade & Travel Journal | E-wallets accelerate Philippine e-commerce to double government-set 5.5% of the GDP | The share of online-buyers making the purchase every week has almost reached 2/3 of the total audience, accounting for at least 12 million people after the pandemic. Philippine e-commerce is becoming more developed. Yet, its growth stands at just 3% of all retail transactions, making it the outsider of the APAC region (for comparison, the eCommerce share in China is 45%). 

E-wallets usage is one of the main contributing factors enabling the swift development of e-Commerce. Given the low 2% credit card penetration in the region, digital wallets are becoming essential for online-shopping, bypassing all restrictions that come with “physical” money. 

An average check accounts to 1,650 PHP (33 USD) and an estimated current level of unique e-wallet users in the country accounts to 40 mln. Taking into account the number of online shoppers using e-wallets with an average check and the number of purchases per year, mobile wallets can add up to an impressive 2.316 Trillion PHP. This means that the users of digital/mobile wallets can reach twice the government-set milestone of the 5.5% share of eCommerce to the national GDP. E-wallets promise to push Philippine e-commerce beyond the boldest estimates of the past years, given the current pace of digitalisation of society.

The analysts of UnaCash noted that e-commerce is already witnessing rapid development of digital wallets. In 2020, they accounted for 20% of all transactions. In May 2021, the share had increased to 37%. With such rapid development, the assumption can be made that about 45-50% of online purchases are already paid through digital wallets or will be paid in the very near future.

About:

UnaCash operates in the Philippines with the mobile application that gives seamless access to digital finance through user-friendly service. With UnaCash, users can open a credit line through their mobile phones, with an option to cash out the money via the bank and partner outlet or make purchases with the partner merchants integrated in the app. For the time of operation, UnaCash has gained more than 1 million registrations and an average of 90K downloads per month, being 6th most downloaded app in fintech category in Google Play. UnaCash is set to provide digital finance accounts and enable financial access to the growing demand of the unbanked population in the Philippines

For more information, please contact our PR team:

Elena Basova

E-Mail: el.basova@unabank.com

pr@unabank.com

Tel.: +371 67660860

Dmitry Balakhnin

E-Mail: d.balakhnin@unabank.com

Tel.: +385 13445850