Nearly one in two Filipino adults remain unbanked despite the rapid expansion of digital wallets and online payment systems in the country, a new joint study by Rizal Commercial Banking Corp. (RCBC) and Mastercard revealed.
The report, titled “Inclusion by Design: Building Bridges to Financial Health,” found that only 50.2 percent of Filipino adults owned a formal bank account in 2024—well below the global average of 79 percent. While this marked an improvement from just 26.6 percent in 2011, the study underscored the long road ahead for financial inclusion.
RCBC president and CEO Reggie Cariaso stressed the significance of the findings: “This research came at a crucial moment for financial organizations. Amid the increasing calls for financial inclusion, this paper sheds light on the role of tech-enabled customer experience in developing relevant and impactful innovations.”
RCBC’s digital inclusion app, DiskarTech, was highlighted as a key player in driving adoption. Designed in Taglish and Cebuano, the app uses gamified missions and micro-cashbacks to encourage active engagement. Data showed that more than half of first-time users advanced beyond basic features within six months, and one in five eventually upgraded to full-service banking with added savings and credit.
Despite the digital shift, cash remains king. Around 79 percent of online shoppers still prefer cash-on-delivery, and six in 10 households pay their utility bills in cash. Security fears—such as scams, data loss, and failed transfers—were identified as the main reasons Filipinos remain hesitant to rely fully on mobile wallets.
Judith Dayrit, Mastercard Philippines vice president for account management, emphasized that true progress goes beyond opening accounts: “At Mastercard, the goal is to help the underbanked move beyond access toward financial security and health, by encouraging frequent use and responsible credit adoption.”
The study also aligns with the Bangko Sentral ng Pilipinas’ National Strategy for Financial Inclusion 2022–2028, which aims to expand access and build greater trust in digital banking. Data for the research was drawn from over 25,000 DiskarTech users and RCBC’s ATM Go partner-merchant network covering the period of January 2022 to October 2024.
