Dive and thrive: The rise of the Philippine financial technology wave

David G.W. Birch, a financial technology (fintech) author and speaker, once said, “Fintech is not about technology, it’s about customer experience.” In today’s fintech landscape, one could get lost in the true meaning of what financial technology was truly made for. At sa mga nakaraang taon, malaki na rin ang pinagbago ng financial landscape ng Pilipinas.

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The world made vital transformations in order to allocate the need for digital financial tools and apps. Mula sa mobile banking at digital wallets, hanggang sa mga makabagong makina at imbensyon na binibigyang hulma ang future kung papaano mina-manage ng mga Pilipino ang kanilang pera. Along with the demand to promote innovation, nagiging priority na rin ang convenience, accessibility, at efficiency.

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In the revolution of riding the digital future of finance, game changers came in waves that everyone hopped on.

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Riding the Fintech waves

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Wave one: Mobile banking in motion

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Umusbong ang mobile banking sa Pilipinas noong peak ng pandemic (Gonzales et al., 2023). Usually, people must go to their respective bank branches to deposit and send money. Besides taking extra effort to go to the bank itself, it also eats at your time due to the long waiting lines. When mobile banking apps emerged due to the increase in demand for a more convenient way to send money, startup fintech companies came to the rescue to reform and create a new normal for the Filipinos’ banking process.

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Mas madali at mabilis na ang pagpapadala ng pera gamit ang mga smartphone. Itong shift na ito ang nagsimula ng pagbabago sa pagiging mas accessible ng banking services sa mga Pilipino. More so, it also eases the concern of those in rural areas and places with limited bank branches and locations (de Gantès et al., 2023). Abot-kaya na ng lahat ang pagpapadala ng pera from the comfort of their own homes.

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Wave two: The digital wallet revolution

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It is almost surreal how fast the world adapted and now even prefers being cashless (Annual Visa Consumer Payment Attitudes Study Reveals Significant Decline in Cash Payments amid Rise in Cashless Transactions, 2024). It has become so vital for the financial ecosystem to have e-wallets, so much so that Filipinos often find themselves asking every convenience or department store, “May GCash po kayo?”

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E-wallets like GCash and Maya gained immense popularity, giving the ease of convenience of paying bills, sending money, and shopping online with just a few clicks. The safety of not having to carry large amounts of cash when out and about also adds to the sense of security that people prefer. With also having a transaction log built-in in these wallets, pinapadali na rin nito ang pagta-track at pagbabantay ng mga tao sa kani-kanilang daily expenses.

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Wave three: The future of finance

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Several innovations popped up as a reply to the rise of demand for mobile banking and e-wallets. Among the many innovations in the Philippine fintech landscape, eTap stands out as a pioneering force. Providing self-service kiosks that ensure fast and reliable service, unti-unti ng dumadali ang pagbabayad ng bills, pag-cash in, at pag-top up. Offering a kiosk that unifies all these errands into one while also prioritizing security and accessibility, eTap helps find the more common Filipinos a level standing ground to enjoy these new digital financial tools.

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eTap not only simplifies the user experience, binibigyan din nito ng tulay ang mga Pilipino into appreciating the new technologies the financial space has to offer. It shortens the gap between being a beginner in these limitless and ingenious creations that may well be our new normal and being able to be part of the digital age.

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The rise of financial technology tools is transforming personal finance in the Philippines. Offering convenience and accessibility, mobile banking, digital wallets, and fintech machines are making it easier for Filipinos to manage their money.

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As digital technology continues to advance, eTap’s holistic approach of providing Filipinos both ease and convenience of using their self-service kiosks (habang inuuna pa rin ang mga Pilipino sa kanilang serbisyo) ay ang magiging puhunan ng kinabukasan ng local fintech space upang masabi na ang Pilipinas ay nangunguna sa pagtanggap ng new normal—ang financial technology.

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eTap is leading the charge in transforming personal finance in the Philippines, offering a unified platform that enhances accessibility, security, and financial empowerment.

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Written by Aira Matsushita (Copywriter)

Thumbnail by Aldous Acosta (Multimedia Artist)