Filipinos trust fintech services that are easy to use and secure – WRN Report

by James · October 11, 2022

Philstar.com

12 October 2022 | 12:56 p.m

MANILA, Philippines — Polling and data analysis firm WR Numero Research (WRN) conducted a new survey, the Special Industry Report on FinTech in the Philippines.

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 that they are easy and safe to use.

Eighty-five percent of survey respondents said GCash is the most trusted mobile wallet. They pointed to the application’s ease of use (73%), security (55%) and transparency (50%) as grounds for trust.

WRN also found that across cryptocurrency exchanges and marketplaces, Binance emerged as the most used and trusted platform, with 49% of respondents saying they were cryptocurrency users, and of those users, 74% used Binance and 52% cited Binance as the most used. reliable exchange.

“Cryptocurrency exchange services are quite new compared to the other fintech services. And if the current trend of fintech adoption among Filipinos continues, we can expect the number of Filipino cryptocurrency users is likely to increase in the coming years as well,” said Cleve Arguelles, Fellow and CEO 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%),” he added.

Users of Binance trust the platform for its ease of use (64%), safety and security (62%), and ease of conversion of funds (58%). 85 percent of 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 nationally representative digital survey of 1,200 Filipino adults between August 27 to 29. 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 for sampling issues in surveys, whether conducted online or face-to-face. The use of statistical weights ensures that the final survey data accurately reflect the target population.