[ad_1]
Active Filipino users used at least 1 in 10 digital lending apps for a total of approximately 75,305 hours in 2022
A January 2023 analysis by digital finance firm Digido found that adoption of digital lending applications on Android and iOS increased in the Philippines in 2022, with an increase in time spent on these applications.
The analysis considered 10 specific digital lending platforms with Android and iOS mobile apps.
- Kasha
- Didi
- pera247
- Upeso
- Vidalia
- una cache
- Cachalot
- good credit
- Pesoroan
- Plentina
According to Digido, the 10 apps “had a total of 14.2 million downloads as of the end of December 2022, accounting for 3.4% of total downloads from their respective financial categories across all devices and platforms.” Equivalent.”
An additional 3.7 million people have downloaded online lending apps in the country, compared to December 2021 figures.
Active users, time spent in apps
Digido noted that by the end of December 2022, these 10 platforms had 2.3 million active users, representing an increase of 1.2 million when compared to November 2021 figures. It is estimated that he uses one of the platforms more than once a month at 3.2% (or about 1 in 30 adult Filipinos).
Cashalo is said to have the largest market share among the 10 applications, while GoodKredit (+703%), Digido (+177%), and Plentina (+115%) are It has grown the most in terms of being onboarded to mobile applications.
Digido had the highest average time spent on the app at approximately 28 minutes per month. His average monthly session of using these apps was 12 minutes and 46 seconds, and the user spent about 1 minute and 14 seconds in his single session. That said, active Filipino users spent a total of about 75,305 hours on digital lending apps in 2022.
The analysis also noted what it called “significant spikes in user login activity” in March, July and November of 2022, which Digido attributed primarily to its lending platform working with small businesses. I point out that there is. The surge in activity could also have been triggered by promotions, favorable terms or the launch of special loan products aimed at entrepreneurs, he added.
“Recent analysis of select digital lending services clearly shows that responsible credit services continue to be an effective means of breaking down inequalities in access to financial tools. Country Manager, Digido , Farit Shakirov said in a press statement:
In its analysis, Digido added that micro, small and medium enterprises are still underfunded, limiting their ability to grow further. This “increases the potential for digital lending platform penetration,” the company said. –Rappler.com
[ad_2]
Source link
