ONE could say that 2020 was the year that Filipinos fully embraced the joy of online shopping. An estimated 52 percent said they shopped online for the first time that year. A key driver of this growth was the growing popularity of digital payments, particularly electronic wallets ("e-wallets").
But what exactly are e-wallets? Essentially, these are wallets in digital form, accessible through mobile apps. They hold actual money and can be used to move that to and from other wallets and platforms without having to use actual cash. During the pandemic, with the restriction of physical activities, e-wallets provided a safe and convenient way to transact as anyone who owned a phone could set up an account. The Bangko Sentral ng Pilipinas reported that there were approximately 140 million e-wallet accounts in 2020, from 41 million in 2019, which is nearly a 250-percent increase.
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