SEC Partners with GCash for Expansion of Online Payment System

The Securities and Exchange Commission (SEC) recently expanded its online payment system for clients. The securities regulator launched its Electronic System for Payments to the SEC (eSPAYSEC) in March 2021 to make payments faster and more convenient for the public. On Thursday, the SEC announced that eSPAYSEC now covers GCash, allowing clients to pay registration, transaction fees, as well as penalties through the mobile wallet app.

“It has only been a year since we rolled out the eSPAYSEC, but it has already become a preferred payment option for the transacting public because of the convenience and security it offers,” said SEC Chairperson Emilio Aquino. “This is proof of the public’s readiness to adapt to digital solutions when they are available, and strengthens the Commission’s commitment to its digital transformation initiatives to improve the ease of doing business for Filipinos.”

Clients will only be required to enter the reference number provided in the Payment Assessment Form issued by the SEC. After which, they should select GCash as their payment option and later supply the necessary information. However, payments done through GCash will also charge a minimal convenience fee of ₱10. The eSPAYSEC’s other payment options cover debit and credit cards powered by Visa, Mastercard, and JCB, as well as PayMaya wallets.

As of June 8, 2022, the SEC’s online payment portal has since accepted 29,565 transactions logging a total amount of ₱202.32 million. Transactions processed in 2022 already account for ₱99.57 million of the total amount. With this, the regulator projects that payments for this year will likely exceed the ₱102.75 million amount recorded in 2021. Besides the eSPAYSEC, payments to the SEC may still be done through its main and extension offices or over-the-counter in select branches of Land Bank of the Philippines.

Source: Manila Bulletin