GCash ensures strict compliance with guidelines of PAGCOR, BSP and DICT to promote safety and security of our users. We do this with proper verification and monitoring as required by various regulatory bodies. We continuously abide by the requirements imposed by the authorities in making sure we have a verification and 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 “Know Your Customer” (KYC) rule serves to verify and ascertain the legitimacy of every customer that signs up in our platform. Only individuals of legal age are allowed access to GCash and this is possible through our strict account on-boarding and verification processes. Given these requirements, minors are legally not allowed to own GCash accounts. Minors using false documents or using mule accounts to access the app is illegal and subject to penalties under the law.
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 lockdowns. 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 at least P30 million for communities hit by Typhoon Odette last year. To this end, GCash has served as a lifeline to hundreds 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 P1 trillion to currently more than P3 trillion. From online payments to money transfers, we listened to the needs of our customers and provided new offerings to empower them – insurance and investment products, lending and loans, 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 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.
