GCash Reassures Merchants: Money Protect is a Safety Net, Not a Reversal Tool

GCash, a prominent mobile wallet, has addressed the apprehensions of online merchants regarding its latest insurance offering, Money Protect, designed to safeguard users against prevalent cyber threats like social engineering and online shopping fraud.

The fintech powerhouse clarified, “GCash Send Money Protect is a personal cyber insurance that provides extra protection against common types of scams. It is not a transaction refund or reversal product.”

This clarification comes as a response to a wave of concerns from online sellers, some of whom have expressed reluctance in accepting payments via GCash if the feature is activated.

Send Money Protect (SMP), a product launched earlier this week by the Globe-affiliated fintech, allows users to secure their money transfers for a nominal fee of P30. The insurance, valid for 30 days, offers coverage up to P15,000, safeguarding users’ Express Send or GCash to GCash transactions from scam-related losses.

In light of the concerns voiced by online sellers, GCash has reassured that in instances where a scam is verified, compensation will be issued by the insurer, Chubb, without holding the recipient accountable.

GCash confidently asserts that “Legitimate online sellers have nothing to worry about SMP,” stressing that robust mechanisms are in place to prevent misuse of the feature by fraudulent parties.

With this initiative, GCash is not only enhancing the security of digital transactions but also fortifying the trust between buyers and sellers in the e-commerce landscape.