HERE’s GCash’s updated statement as of 12 p.m. of March 8, 2022:
“GCash ensures strict compliance with guidelines of BSP and AMLC to promote safety and security of its users. We do this with proper verification and monitoring as required by various regulatory bodies. Despite the lack of a national ID, we continuously abide by the requirements imposed by the authorities in making sure we implement various measures as well as a Know-Your-Customer (KYC) process to verify the legitimacy of customers that sign up on Gcash.
On top of a best-in-class KYC screening feature, we have additional safety measures in place to prevent unverified individuals from using our channel for e-Sabong, despite the fact that similar online and even offline channels offer the same service without stringent guidelines in place.
While there are minors who are able to register in GCash via our KYC process, they will have restricted access to services like Pitmasters (e-Sabong). The only way those below the legal age can possibly use GCash for this service is through unsupervised use of an adult account by a minor or access through mule accounts which are rented, illegally sold or falsified—all of which are punishable by law.
Unfortunately, even with the best technology and security measures in place, we cannot completely prevent individuals with criminal intent from selling, renting out or allowing others to use their identities or their GCash accounts. Thus, we enjoin everyone to protect their identities and accounts and report any incident of misuse to relevant partner authorities including the Philippine National Police and National Bureau of Investigation.
GCash is the nation's most trusted service provider for financial technology. We have thrived on our brand promise of financial inclusion for all. With this, we aim to provide a safe, secure and convenient payment channel for everyday digital financial transactions of every Filipino.
Throughout the pandemic, we introduced numerous innovations to help the country cope with the impact of the lock-downs. Aside from cashless payment solutions while being safe at home, we partnered with various government agencies to distribute cash assistance to those in need. Through its platform, GCash has also galvanized the private sector to help communities most severely affected. In fact, it helped raise almost a hundred million pesos for various typhoon-affected areas nationwide recently. To this end, GCash has served as a lifeline to millions of our marginalized citizens and families. These, among many other nation-building initiatives, are at the core of our business in Gcash.
GCash achieved massive and exponential growth in the last couple of years and this is attributed to the myriad of innovative products and services offered to provide everyday digital financial solutions for Filipinos resulting in the growth of our overall transaction value from around P300 billion in 2019 to more than P3 trillion in 2021. From online payments to money transfers, we listened to the needs of our customers and provided new offerings to empower them—savings, insurance and investment products, lending and other financial services. We will continue to explore new areas as we work relentlessly to help champion financial inclusion for all.
We have worked tirelessly with esteemed government institutions led by the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council to ensure that our offers achieve our collective aspiration to empower every Filipino via digital financial solutions and we will continue to support this thrust to move the nation forward to #OneDigitalPH. SPONSORED CONTENT