Mobile Money Surpasses 2 Billion Accounts Globally—Philippines Rides The Digital Wave

A new report from the GSMA Mobile Money Programme, funded by the Gates Foundation, reveals a global milestone: mobile money has now surpassed two billion registered accounts and over half a billion monthly active users.

With 65 million users projected by 2025, the Philippines is poised to lead the region’s fintech future. | Illustrator: ASK

The GSMA (Global System for Mobile Communications Association)—an industry organization representing over 750 mobile operators and companies worldwide—tracks and accelerates the mobile economy’s role in financial inclusion.

Its latest State of the Industry Report on Mobile Money 2025 highlights how mobile-enabled financial services are reshaping economies, improving lives, and deepening access to digital finance for underserved populations.

Globally, mobile money processed a staggering 108 billion transactions in 2024, totaling $1.68 trillion—a 16% year-on-year increase in transaction values. The industry, which took 18 years to hit its first billion accounts, doubled in size in just five years, proving its ability to scale rapidly and inclusively.

“Mobile money has emerged as a powerful driver of financial inclusion and economic growth,” says Vivek Badrinath, GSMA Director General. “Its continued success depends on supportive regulatory environments that promote innovation and help unlock socio-economic potential.”

The Philippine Surge: A Story of Inclusion, Innovation, and Impact

In the Philippines, mobile money is not just catching up—it’s shaping new financial behaviors and transforming the way Filipinos engage with the economy.

With smartphone penetration reaching 73.7% in 2023 and an ever-growing young digital population, platforms like GCash, Maya, and the soon-to-launch Viber Pay are leading a digital finance revolution that reaches even the most remote barangays.

Today, more Filipinos use their mobile wallets for everything from buying rice at the local sari-sari store to investing in mutual funds with just a few taps. By 2025, mobile wallet users are expected to hit 65.2 million, nearly half the national population, reinforcing the country’s leap toward a truly digital economy.

Mobile Commerce & BNPL: A New Era of Financial Flexibility

As mobile money platforms evolve into full-service ecosystems, Buy Now, Pay Later (BNPL) services are gaining traction among young, tech-savvy users.

BNPL is expected to account for 30% of mobile commerce (m-commerce) volume by 2025, reflecting changing preferences for flexible financing.

Mobile commerce itself is projected to contribute $11.1 billion to the country’s digital economy by next year, making up a quarter of total digital commerce. Digital wallets are no longer just payment tools—they are financial lifelines for freelancers, small businesses, and even micro-entrepreneurs.

Digital Banking Rises to the Challenge

The entry of six digital banks—including Maya Bank, GoTyme, and SeaBank—has intensified competition while expanding access to formal banking services. These digital-native institutions offer instant account openings, seamless transfers, and embedded payments, drawing millions of unbanked Filipinos into the formal financial system.

To keep the momentum, the Bangko Sentral ng Pilipinas (BSP) plans to issue up to four new digital bank licenses by year-end 2025, strengthening the country’s inclusive finance infrastructure.

Bridging the Gaps: Literacy and Access

Despite impressive strides, 44% of the bankable population remains unbanked or underbanked, often due to geographic isolation or digital illiteracy. Addressing this gap is both a challenge and an opportunity.

The good news? Many providers are taking it head-on. Nearly 60% of global mobile money services have launched digital literacy programs, and the Philippines is following suit, with initiatives aimed at women, farmers, and underserved communities.

The Road Ahead

From Sub-Saharan Africa to Southeast Asia, the story of mobile money is one of empowerment—and the Philippines is a key chapter in that global narrative.

With digital wallets, mobile-first commerce, and fintech innovation creating new pathways for inclusion, the country is positioned to be a regional model for mobile money success.

The local digital payments market is set to grow from $541.56 million in 2024 to $1.73 billion by 2033, driven by a 13.8% compound annual growth rate.

The expected launch of Viber Pay later this year will only intensify competition and open up seamless payments within messaging platforms—a development that could prove game-changing for MSMEs.

In a world where financial technology is evolving faster than ever before, one thing is clear: the Philippines is not just adapting to mobile money—it’s actively reshaping its future.