WRN Report: Filipinos trust Fintech services for being user-friendly, secure
WRN managing director Prof. Cleve Arguelles
MANILA, Philippines — Polling and data analytics firm WR Numero Research (WRN) conducted a new survey, Special Industry Report on FinTech (Financial Technology) in the Philippines, which says most Filipinos find Fintech services to be safe and secure.
According to the survey, GCash and Binance are the most trusted mobile wallet and cryptocurrency platforms, respectively. These two platforms are trusted because people feel they are easy and safe to use.
There are 85% of the respondents of the survey answered that GCash is the most trusted mobile wallet.
The respondents pointed out the application’s ease of use (73%), security (55%), and transparency (50%) as foundations for trust.
WRN also found that across cryptocurrency exchanges and marketplaces, Binance emerged as the most used and trusted platform, out of 49% of the respondents replied to be cryptocurrency users and of these users, 74% were using Binance, and 52% cited Binance as the most trusted exchange.
“Cryptocurrency exchange services are fairly new compared to the other fintech services. And if the current trend of fintech adoption among Filipinos continues, we can expect that the number of Filipino cryptocurrency users is also likely to increase in the coming years,” said Cleve V. Arguelles, Research Fellow and Managing Director of WR Numero Research.
“According to the survey, most Filipinos (87%) believe that cryptocurrency is beneficial to the Philippines economy and for that reason the government should support the industry (81%).”
Users of Binance, trust the platform due to its ease of use (64%), safety and security (62%), and ease of funds conversion (58%). Eighty-five percent of the respondents who use Binance answered that the platform will contribute to the growth of the country’s economy.
WRN uses several levels of statistical intervention in its digital surveys to arrive at accurate results. The firm conducted a commissioned nationally representative digital survey of 1,200 Filipino adults between 27-29 August 2022. It has a margin of error of ±4% with a 99% confidence level.
Survey responses were statistically weighted to the national profile of all Filipino adults, including those without internet access. All reputable public opinion research agencies weigh data to correct sampling issues in surveys, whether conducted online or face-to-face. The use of statistical weights ensures that the final survey data properly reflect the target population.
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