The Philippines digital wallet market size reached USD 11.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 61.8 Billion by 2033, exhibiting a growth rate (CAGR) of 18.2% during 2025-2033. There are several factors that are driving the market, which include increasing adoption of smartphones and the ease of internet facilities, the thriving e-commerce sector, and collaboration between banks, telecommunications companies, and other stakeholders.

The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. In 2023, GCash accounted for ** percent of the total mobile wallet application market. Meanwhile, its closest competitor, Maya, held a **** percent share. The rise of mobile wallets in the Philippines Alternative payment services have given Filipinos access to financial services usually provided only by banks. In particular, most Filipinos with a formal account in 2021 said they have an e-money account, compared to those with a bank account. E-money, which is stored in a digital wallet or on a card, enables users to easily make in-store payments as well as transfer and receive money online. In the Philippines, GCash had the highest monthly active users in 2022, followed by Maya. The popularity of such banking options is reflected in the forecast number of mobile wallet users in the country. Consumer preference for e-payment methods  A 2022 survey among Filipino consumers reflected a growing interest in using digital payment methods, especially due to its convenience, easy-to-use platforms, and fast transactions. The same survey revealed that GCash and PayPal were the leading e-payments or e-wallets used in the Philippines.

Combined figures on 14 e-wallet applications in the Philippines revealed that there were ** million active users in 2022, or those who logged into the app at least once in the last 30 days. Despite the decrease from the previous year, the number of active mobile wallet users in the Philippines could grow by ** percent in 2025.

The Philippines digital wallet market size was valued at USD 3.69 Billion in 2024 has seen significant growth, expanding access to financial services for the unbanked and underbanked populations. Projections suggest a compound annual growth rate (CAGR) of 11.20% from 2025 to 2034, with the market expected to reach USD 10.67 Billion. This growth is further supported by incentives like in-app rewards, cashback, and loyalty points that encourage spending.

Card-linked wallet transaction value in the Philippines is expected to grow twice as fast as that of non-card-linked wallets, despite their low market share. This is according to hybrid research released in 2024, which - depending on the country - either used database modeling or data acquired via a consumer survey. Wallets ranked as the Philippines' most used payment methods when shopping online. Indeed, the adoption of wallets in the Philippines overall ranked among the top countries in the world.

The Mobile Wallet Market Report is Segmented Into Mode of Payment (Proximity, Remote Payment), Application (Mobile Commerce, Money Transfer, and More), Wallet Type (Closed, Semi-Closed, Open), End-User (Personal, Business) and Geography. The Market Forecasts are Provided in Terms of Value (USD).

The digital payments segment in the Philippines was estimated to have generated approximately ** billion U.S. dollars of revenue in 2024, which indicated an increase from the previous year. The digital payment market is estimated to continue growing in the following years. Drivers of digital payment market growth Digital commerce or e-commerce has been the main driver of the growth of the digital payment market in the Philippines. While cash used to dominate over other payment methods used in online shopping, the volume share of digital payments in the total monthly retail payments made in the Philippines jumped by *** percent between 2019 and 2023. In fact, digital payments held a higher share of the volume of retail transactions in 2023 alone. The rise of mobile wallets  In 2023, mobile wallets have taken the lead among other payment methods used in online shopping in the Philippines. Among the several mobile wallet applications available in the country, ***** had the highest number of monthly active users in 2022, followed by ****. GCash is an all-in-one application developed by Mynt, which is a subsidiary of Globe Telecom. Aside from allowing users to send and receive money, GCash also started offering investment products and insurance services not only in the Philippines but also in several locations abroad.

The Philippines remittance market size reached USD 162.3 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 203.7 Billion by 2033, exhibiting a growth rate (CAGR) of 3.60% during 2025-2033. The market in Philippines is majorly driven by robust overseas workforce, continual advancements in digital transfer platforms, supportive government initiatives, heightened economic stability through consumption, and strategic expansions in service networks.

The number of users in the 'Mobile POS Payments' segment of the fintech market in the Philippines was forecast to continuously increase between 2024 and 2028 by in total *** million users (+***** percent). After the sixth consecutive increasing year, the indicator is estimated to reach ***** million users and therefore a new peak in 2028. The Statista Market Insights cover a broad range of additional markets.

The Philippines Remittances Market Report is Segmented by Remittance Type (Inward, and Outward), Channel (Bank Transfers, Money Transfer Operators (MTOs), Digital Wallet and Mobile Payment Platforms, and Other Channels), End-User (Personal, and Businesses), and Mode of Transfer (Online, and Offline). The Market Forecasts are Provided in Terms of Value (USD).

As of May 2023, True Money Wallet led the e-wallet market in Thailand with nearly ** percent of the market share. This was followed by Rabbit Line Pay, with a share of around ** percent. True Money as the market leader Since the COVID-19 outbreak, Thai people have become more accustomed to a cashless society. When purchasing products or services, e-wallets, mobile banking, or PromptPay are the usual methods of payment. In 2013, True Money was the first to establish an e-wallet service in the Thai market. With around ** million users, True Money Wallet’s services include transferring money, paying utility bills, and purchasing items at online stores. Currently, True Money is covering purchases in *** countries in the ASEAN region, including Burma, Laos, Cambodia, Vietnam, Indonesia, and the Philippines. Moreover, True Money Wallet is the only e-wallet payment method accepted by 7-Eleven stores in Thailand. LINE Pay e-wallet In August 2023, LINE MAN Wongnai and LINE (Thailand) acquired Rabbit LINE Pay, an online and offline payment system provider. Rabbit LINE Pay, which is now called LINE Pay, is another popular e-payment services in Thailand. It can be used to pay, transfer money, or top up mass transit networks such as the BTS SkyTrain, as well as purchase products and services from partner brands and pay utility bills. Given the rise in the transaction volume of e-wallets in Thailand, the Bank of Thailand predicted that by 2025, the use of E-Wallet money will have tripled.

The Asia-Pacific rickshaw ride-hailing service market is experiencing robust growth, driven by increasing urbanization, rising disposable incomes, and the burgeoning adoption of smartphone technology. The market's convenience, affordability compared to traditional taxis, and eco-friendliness in the case of electric rickshaws are key factors fueling its expansion. A Compound Annual Growth Rate (CAGR) of 21.50% from 2019 to 2024 indicates a significant upward trajectory. While precise market size figures for 2025 are unavailable, projecting from the historical data and considering the sustained growth rate, a reasonable estimate places the market value at approximately $2.5 billion for 2025. This figure is supported by the growing number of players—including both established ride-hailing giants like Grab and Gojek, and regional startups like Mauto Electric Mobility—actively competing for market share. The market is segmented based on application (freight and passenger commuting), booking type (online and offline), payment methods (cashless and e-wallets), and propulsion type (electric and internal combustion engine). The preference for cashless transactions and the increasing availability of electric rickshaws contribute to the market's dynamism. Significant growth potential exists in less penetrated markets within the region, particularly in countries with high population density and limited public transportation options. However, challenges remain, including regulatory hurdles related to licensing and safety standards, and the need for improved infrastructure to support the expansion of electric vehicle charging networks. The dominance of major players like Grab and Gojek highlights the competitive landscape. However, the market also offers significant opportunities for smaller, localized firms specializing in specific niches, such as freight transportation or electric rickshaw services. Further growth will be determined by the success of these companies in adapting to evolving consumer demands, leveraging technological advancements, and navigating regulatory landscapes. The increasing adoption of innovative technologies such as GPS tracking, real-time fare calculation, and integrated payment systems is expected to enhance the user experience and drive market growth. The future success of the market hinges on a synergistic relationship between technological innovation, supportive government policies, and the continued expansion of e-commerce and logistics activities within the region. This market segment displays a strong growth forecast extending into 2033. This comprehensive report provides an in-depth analysis of the rapidly evolving Asia-Pacific rickshaw ride hailing service market. Covering the historical period (2019-2024), base year (2025), and forecast period (2025-2033), this study offers invaluable insights for stakeholders seeking to understand this dynamic sector. The market is segmented by application (freight and logistics, passenger commuting), booking type (online, offline), payment method (cashless, e-money/e-wallet), and propulsion type (electric, internal combustion engine). Key players like Uber, Ola Cabs, Gojek, and numerous regional players are analyzed, revealing market concentration, competitive dynamics, and future growth trajectories. This report uses data valued in the millions. Recent developments include: In 2021, Uber India announced increasing its electric vehicle fleet to 3,000 e-vehicles due to trending e-mobility and green technology trends in the country. The company also has plans to establish charging infrastructures and partnered with OEM to smoothen its operations.. Key drivers for this market are: Increasing Inclusion of E-bikes in the Sharing Fleet. Potential restraints include: Limited Infrastructure May Hinder Market Growth. Notable trends are: Rising Tourism, Leisure Traveling and Logistics Sector.

By 2030, the Indonesian e-commerce market was predicted to generate around *** billion U.S. dollars in online retail sales, increasing from ** billion U.S. dollars in 2024. By 2030, Indonesia was forecasted to account for over 40 percent of the Southeast Asian e-commerce market, likely due to a growing middle class and the increasing access to the internet. Other emerging markets include Malaysia, the Philippines, Thailand and Vietnam. E-commerce in Southeast Asia The leading product categories that were bought through e-commerce platforms in Southeast Asia include fashion and beauty. Shopee and Lazada have emerged as leading e-commerce sites in the region, with Shopee generating over *** million web sessions. The preferred payment method among Southeast Asian consumers when shopping online varied between digital wallets and account-to-account payments, depending on the country. In Singapore, credit cards were more used compared to other countries, while digital wallets were popular in Indonesia and Vietnam. Omni-channel experiences through e-commerce E-commerce has been steadily growing with the emergence of numerous online retail brands and online marketplaces. Further, more and more fashion brands provide the option of browsing products on their online shop while consumers are shopping in the physical store, so the customer can check on size availability and order it for delivery to their homes or to the store. Given that, omnichannel experiences are relevant for offering the customer more convenience and to increase customer loyalty.

Mobile wallet transaction value in Singapore was forecast to grow by 471.4 percent between 2020 and 2025. Other Southeast Asian countries such as Malaysia, the Philippines, and Indonesia were also forecast to see massive growth in mobile wallet transaction value in the coming years.

As of June 2024, Maya Bank had the highest asset value among digital banks in the Philippines. Maya Bank registered a total asset value of about ***** billion as of this period. GoTyme follows, with assets amounting to **** billion Philippine pesos. Maya Bank  Maya Bank is a digital bank owned by Voyager Innovations, which also owns Maya wallet, and is among the leading e-wallet applications in the Philippines. Although it has only been in business for the past two years, Maya Bank has significantly grown its deposit balance, and its loan portfolio to about three times higher than in 2022.   Digital banking in the Philippines  The Philippine central bank first introduced digital banking in 2021 and has approved licenses to operate for six banks: Maya Bank, GoTyme Bank, Overseas Filipino Bank, Tonik Bank, UnionDigital Bank, and Uno Digital Bank. In 2023, the total value of deposits at digital banks has shown a ** percent increase from the previous year. The central bank announced that it will resume accepting applications for digital banking licenses in 2025 to further expand the industry.

The share of cash in Filipino POS payments fell below ** percent, as consumers increasingly preferred cards and wallets. The use of paper money and coins was significant before the COVID-19 pandemic: In 2019, almost ***** out of 10 in-store transactions involved cash. Since then, however, mobile wallets especially took over most of the transactions. At the core of this development are wallets created by Philippine mobile operators Globe Telecom and Smart Communications. GCash and PayMaya are forecast to have millions more users in the Philippines than Asian superapp GrabPay or PayPal come 2025.

The mobile wallet company GCash registered about ** million users in 2024, indicating a significant increase from the previous year. GCash, which is owned by Mynt and is a subsidiary of Globe Telecom Inc., has been the market leader for financial technology in the Philippines, alongside Maya.

According to a survey among cross-border e-commerce enterprises in 2021, PayPal was the leading digital payment platform in the Philippines, with ** percent of the enterprises using it. WorldFirst had the largest market share in China, at ** percent in 2021.

E-commerce payment methods

E-commerce payments amount to over half of all digital payments in Asia. International digital payment services are a vital part of cross-border e-commerce. Digital or mobile wallet is the most popular e-commerce payment method in the Asia-Pacific region and is projected to keep expanding.

Popular digital payment platforms

With over *** million active user accounts worldwide, PayPal is a leading digital payments service provider for cross-border e-commerce enterprises in all big six Southeast Asian countries. Interestingly, when there is a smaller presence of PayPal, there is a larger one of WorldFirst. Since the UK-founded international payments giant, WorldFirst, was bought by Ant Group, it has gained a significant market share in Asia, specifically in Japan, South Korea, and China.

Along with PayPal, Payoneer is another U.S.-based digital payment platform gaining popularity in Asia. Besides the international platforms, the leading home-grown digital payment platforms that are prominent in the Asia-Pacific scene include Alipay, the leading digital payments app for consumers in China, LianLian Global, and Airwallex.