Mobile wallet service GCash has reaffirmed its position on app security in a recent Senate Hearing.
In a press release, GCash said it ensures strict compliance with the guidelines of BSP (Bangko Sentral ng Pilipinas) and AMLC (Anti-Money Laundering Council) to promote the safety and security of its users.
GCash does this with proper verification and monitoring as required by various regulatory bodies. Despite the lack of a national ID, the e-wallet service continuously abides by the requirements imposed by the authorities in making sure it implements various measures as well as a Know-Your-Customer (KYC) process to verify the legitimacy of customers that sign up on the platform.
Besides its KYC feature, GCash has implemented additional safety measures to prevent unverified individuals from using their channel for e-Sabong, even though similar online and offline channels offer the same service without adhering to stringent guidelines.
According to GCash, while there are minors who are able to register in the platform via its KYC process, they will have restricted access to services like Pitmasters (e-Sabong). The only method for those under the legal age to use GCash for this purpose is through unsupervised use of an adult account by a minor or through rented, illegally sold, or falsified mule accounts - all of which are punishable by law.
However, even with the most sophisticated technology and security measures in place, GCash cannot entirely prevent individuals with criminal intent from selling, renting, or allowing others to use their identities or GCash accounts. As such, they encourage everyone to safeguard their identities and accounts and to report any instances of misuse to appropriate partner authorities, such as PNP (Philippine National Police) and NBI (National Bureau of Investigation).
GCash, the nation's most trusted service provider for financial technology (as the company described it), has thrived on its brand promise of financial inclusion for all. It aims to provide a safe, secure, and convenient payment channel for every Filipino's everyday digital financial transactions.
Throughout the pandemic, the company introduced numerous innovations to help the country cope with the impact of the lock-downs. Besides cashless payment solutions, it partnered with various government agencies to distribute cash assistance.
GCash has also mobilized the private sector to assist the most vulnerable communities through its platform. It helped in the recent fundraising of nearly a hundred million pesos for various typhoon-affected areas throughout the country. The mobile wallet service has been a lifeline for millions of marginalized citizens and families in this regard. These, and numerous other nation-building initiatives, are at the heart of GCash's business.
Moreover, GCash has achieved massive and exponential growth in the last few years, owing to the myriad of innovative products and services offered to provide everyday digital financial solutions to Filipinos, resulting in an increase in its overall transaction value from around P300 billion in 2019 to more than P3 trillion in 2021.
From online payments to money transfers, the company listened to the needs of its customers. It provided new offerings – savings, insurance and investment products, lending, and other financial services. GCash said it will continue to explore new areas.
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GCash noted that it worked tirelessly with esteemed government institutions led by BSP and AMLC to ensure that its offers achieve their collective aspiration to empower every Filipino via digital financial solutions.
