The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. More Filipinos are shifting to digital remittance channels making money transfer and recording easier.
Highlights
- Remittances from Filipinos working and living overseas are a lifeline to the Philippine economy.
- A consumer study of remittance company, WorldRemit reveals that the Philippines is the top recipient country for remittances from Australia – mostly for family support
- There's a significant growth in remittances and digital money transfers from Filipinos in Australia during the pandemic
Data from their survey shows that daily expenses (27%) and medical expenses (26%) topped the list of reasons why Filipinos are sending money home.
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In addition, the data provide insights into how Filipinos in Australia adopt digital payments. Almost three-quarters (70%) of these respondents use mobile wallets regularly – the majority agreed that it is a secure (81%) and convenient (85%) method to transfer money.
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