Filipinos spent 1.54 billion seconds using digital lending apps in 2024
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About 1.54 billion seconds — equivalent to 49 years — were spent by persons in using non-bank digital lending applications in the Philippines in 2024, according to new analysis from Digido . An examination of 47 digital lending applications duly-registered to operate in the country , including Digido, revealed that the lion’s share of activity remained with platforms specializing in personal loans at 76.4%, followed by ‘buy now, pay later’ (BNPL) services at 21.4% and installment loans at 2.2%. Activity seen in the applications rose by 16% when comparing it to activity in 2023. On average, active users of digital lending apps spent approximately 12 minutes and 14 seconds per month in 2024 while the average duration of a user’s session was 58 seconds. The personal loans segment was also the primary driver of the total number of application downloads, which increased by 42.4% year-on-year (YoY) from 89.66 to 127.69 million units. Unique users increased by 43% YoY f...