spot_img
27.6 C
Philippines
Friday, March 29, 2024

GCash app adds feature for security

- Advertisement -

Committed to protecting consumers from financial fraud, leading mobile wallet GCash has recently added a new feature to the app.

Powered by financial technology startup Mynt, GCash’s Customer Protect program aims to develop mutual trust and confidence between the app owner and user when making transactions online, whether it is a purchase on the net or a relatively sophisticated transaction such as financial investments.

Mynt risk policy head Louie Miguel Santos said a recent study identified that among the hurdles to digital payment and mobile wallet usage were trust and security issues.

GCash app adds feature for security
Mynt risk policy head Louie Miguel Santos

“That’s the main point that we want to address. Going back to the roots as Filipinos, we are very conservative with every financial transaction that there should always be a lead time or circumstance that will eventually build some element of trust first before transacting business,” he said.

“But we, in GCash, we promise to provide a safe and secure transaction. Our fraud is less than 1 in a million, meaning we are very very secure. And in the rare event that something might happen to you, we promise that we have your back. We will do everything to remedy the problem because that’s what we are expected to do – to prevent those transactions in the first place,” he said.

- Advertisement -

Under the program, GCash users are assured of compensation for unauthorized financial transactions on their GCash app, GCash on Messenger or GCash Mastercard platforms arising from instances such as stolen mobile phones or identity theft.

A user should file a report regarding any irregular transaction—such as unauthorized withdrawals or point-of-sale purchases—on GCash’s official customer care channels within 15 days from the date of the said transaction. 

At the same time, the Customer Protect program is a campaign for increased cybersecurity awareness and education, especially regarding full verification of one’s GCash account. 

The app holds extreme importance to users to comply with the verification process of GCash based on the know-your-customer mandate of the Bangko Sentral ng Pilipinas.

Full verification on GCash requires a user to establish legitimate identity through submission of valid government identification cards and a selfie and a series of mobile phone and contact information verification.

Fully verified GCash users can receive compensation of the actual amount of unauthorized transactions not exceeding P100,000. Semi-verified users can receive compensation up to P10,000 while basic users can receive up to P2,000.

Under the Customer Protect feature, the app is programmed to provide compensation of up to P100,000, which is the maximum limit of a GCash card. Eligible and valid disputes can be reversed for amounts of up to P100,000.

“As a platform, we have to protect our interest. The more verified you are, the more we are sure of your identity, the more we can protect you. But,  of course, one has to be fully-verified to enjoy the app,” Santos said.

Gcash remains the biggest mobile wallet with over 60,000 merchant partners. It is the leading mobile app both in subscriber count and transaction volume.

It maintains multiple partner establishments like Bayad Pay, Easy Pay and Express Pay and partner banks like BPI and Union Bank.

In 2019, app users have surpassed 20 million and with the Customer Protect Program, the app expects to further attract more users.

- Advertisement -

LATEST NEWS

Popular Articles