The Philippine IDs (PhilIDs) and ePhilIDs were the most presented identification systems for account verification of mobile wallet services.
The IDs are issued by the Philippine Statistics Authority through the Philippine Identification System (PhilSys).
According to GCash, PhilIDs and ePhilIDs make up 41 percent of valid IDs submitted by their users for account verification.
Account verification assures legitimacy of the user through submission of valid proof of identity for more secure transactions, and allows higher wallet and transaction limits.
More than just cashing in, buying load, or paying bills, fully verified users can also send money, do bank transfers, and avail secure loan and insurance services.
“We at the PSA take this as a success indicator of the collective efforts of the agency in promoting the use and acceptance of PhilIDs and ePhilIDs in public and private establishments, including financial institutions,” said PSA Undersecretary Dennis Mapa.
“We thank our partners from GCash for their unwavering support in the implementation of PhilSys and for their contribution in the promotion of financial inclusion among Filipinos,” he added.
PhilSys, through its provision of PhilIDs and ePhilIDs, has been instrumental in addressing a major challenge for Filipinos in accessing financial services, including mobile wallets—the lack of a valid ID.
A report from the Bangko Sentral ng Pilipinas (BSP) cited PhilSys and its co-location efforts with the Land Bank of the Philippines as a major contributor to the reported 170 percent increase in the number of Filipinos who opened Basic Deposit Accounts (BDAs).