GCash Limits Use of Minors, Introduces New Features for Financial Inclusivity

On Tuesday, prominent mobile wallet app GCash announced that will now be barred from owning an account with the platform in an effort to maintain its commitment to provide a safe and convenient payment channel for the digital transactions of Filipinos. It also added that minors who use false documents or mule accounts will be penalized under that law.

“GCash ensures strict compliance with the guidelines of the Philippine Amusement and Gaming Corporation (PAGCOR), Bangko Sentral ng Pilipinas (BSP), and the Department of Information and Communications Technology (DICT) to promote safety and security of our users,” it stated.

“We do this with proper verification and monitoring. We make sure we have a verification and a ‘Know Your Customer’ (KYC) process in place to prevent minors from using our channel for this particular service, even as other online channels are available that offer the same service without similar guidelines.” The legitimacy of every user that signs up for GCash is determined through the platform’s KYC rules.

The move also comes as other local fintech companies ramp up their user onboarding and account verification processes, allowing them to easily trace transactions to suppress instances of money launders and illegal vote-buying in light of the coming elections. This forms part of the civic duty of fintech companies to safeguard the credibility of the digital financial space.

Additionally, the app recently introduced its new “buy now, pay later” feature called GGives where qualified users will be allowed to purchase items worth as much as ₱30,000 with a payment term of up to 24 installments over 12 months. “GCash’s new lending features, such as GGives and GLoan, are tailor-made for Filipinos’purchasing behaviors, such as installment pay or hulugan,” explained GCash president and CEO Martha Sazon.

“This is because it allows them to have enough freedom to maximize their money while still getting to enjoy what they want and need,” added Sazon, noting that the platform’s new features offer safe and effective credit services for Filipinos while maintaining fair and transparent interest rates.

Sources: Manila Bulletin, ABS CBN