The Philippines has established itself as the only market in the Asia Pacific where mobile money services dominate online payments, according to a report by Entrust.
The study found that 55 percent of Filipino respondents prefer mobile money services when paying online, far ahead of traditional payment methods such as debit and credit cards at 13 percent and other digital payment options at 11 percent.
The figures make the Philippines a clear leader in mobile wallet adoption in the region, underscoring a fundamental shift in how consumers transact.
The Consumer Payment Preferences in APAC report highlights how the country’s rapid adoption has outpaced regional peers, where reliance on cards and bank transfers remains stronger. Thailand, the next closest market, recorded just 22 percent preference for mobile money, followed by Malaysia at 12 percent and Vietnam at 11 percent.
“The Philippines is skipping some traditional payment methods because mobile wallets solve both accessibility and convenience in one solution,” William Cheong, strategic consultant for financial services in Asia-Pacific at Entrust said.
The growing dominance reflects a broader behavioral shift among Filipino consumers, who are increasingly embracing digital channels not only for payments but also for banking services.
Across the region, about 80 percent of consumers prefer to interact with their bank through mobile apps, while 55 percent opened their most recent account digitally.
In the Philippines, the shift is even more pronounced, with mobile wallets becoming embedded in everyday transactions. “Filipinos are highly mobile-first in how they communicate, how they shop, and manage their daily life. Payment naturally followed that lifestyle shift, making mobile wallets the default choice,” Cheong said.
He added that mobile wallets have helped bridge longstanding gaps in financial access, particularly for underserved and unbanked segments. By combining ease of use with accessibility, these platforms have enabled millions of Filipinos to participate more actively in the formal financial system.
However, the rapid shift to digital payments also brings new risks. As adoption increases, so does the potential for fraud and cyber threats, making security a critical concern for both providers and users.
Despite strong growth, barriers to full cashless adoption remain. Infrastructure gaps, particularly in rural areas, continue to limit access to reliable internet services. A significant portion of the population also remains unbanked or underbanked, while concerns over data privacy and fraud persist.
While being the leader in mobile money services is a good development, it also means that Filipinos will have to take the lead when it comes to protecting the public from risks that come with new technology, along with spearheading further developments. These are tasks that the national government and the financial sector will have to continue focusing on as the landscape evolves.*
