More Filipinos are starting their financial journey with an e-wallet instead of a bank account, highlighting the growing role of financial technology in everyday money management.
According to the 2025 Credit Perception Index (CPI) released by TransUnion, 35% of the general population said their first financial product was an e-wallet. This is higher than the 30% who opened a bank account first, whether with a traditional or digital bank.
The shift is driven largely by younger generations. Among Gen Z, nearly half (47%) said an e-wallet was their first financial product, while 37% of Millennials gave the same answer. In contrast, Gen X (40%) and Baby Boomers (34%) were more likely to start with bank accounts.
“The strong performance of FinTech users and the narrowing gap between the unbanked and general population reflect encouraging momentum toward greater financial inclusion,” said Peter Faulhaber, president and CEO of TransUnion Philippines, in a media briefing.
This is the first year that TransUnion included FinTech users as a separate population group in its annual CPI. The research showed that use of digital financial services is now widespread, with 91% of respondents saying they use at least one product. E-wallets topped the list at 77%, followed by online banks at 51% and digital payment apps at 47%.
When it comes to credit perceptions, FinTech users posted the highest CPI score at 74, compared with the national average of 73. They also reported the strongest knowledge about credit at 71%, outpacing both the general population and the unbanked.
At the national level, the Philippines’ overall CPI score slipped slightly to 73 in 2025, down from 74 in 2024. The index measures consumer sentiment on credit, taking into account favorability, knowledge, trust, and concerns about financial products.
Trust in credit products rose by six points this year, but receptivity to credit messaging declined by nine points. This means fewer people said they were likely to use credit after learning about its potential benefits. TransUnion noted that this drop may be linked to external factors such as higher interest rates and increased concerns about digital fraud.
The results point to a changing financial landscape where Filipinos, especially the youth, are more comfortable with digital wallets than with traditional banking. For the industry, this could mean a need to build greater trust and education around credit while keeping pace with the country’s shift toward digital finance.