Alternative payments outpace traditional banking among Filipinos

Demand rises for alternative payments, digital wallets, and non-traditional lenders.

Filipinos are increasingly favouring alternative payment methods, digital wallets, and non-traditional lending options, reflecting the changing needs of consumers who prioritise accessibility over traditional banking, according to Angelique Vergara, Head of Sales - Strategy at Dragonpay.

“Alternative payment methods in the Philippines are still the number one and preferred mode of payment of Filipinos,” Vergara noted, underscoring the deep-rooted demand for diverse digital payment solutions.

Vergara mentioned that a new wave of non-traditional lenders is entering the Philippine market, offering services that cater to individuals who may not have access to conventional banking.