Minors are legally barred from owning an account with GCash for security purposes.
GCASH — The fintech company reminded that minors are legally barred from owning an account for security purposes.
The mobile wallet has more than 55 million subscribers nationwide and currently hauls in more than PHP 3 trillion transaction value per year.
In a statement issued Tuesday, March 8, the company warned that it’s illegal for minors to use mule accounts or false documents in order to access the app and violators will be penalized under the law.
The company also said that it ensures strict compliance with the guidelines of PAGCOR (Philippine Amusement and Gaming Corporation), BSP (Bangko Sentral ng Pilipinas), and DICT (Department of Information and Communications Technology) in order to promote safety and security of its users.
“We do this with proper verification and monitoring,” GCash said. “We make sure we have a verification and a ‘Know Your Customer’ (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” rule serves to verify and ascertain the legitimacy of every customer that signs up on the platform. This is part of the company’s commitment to providing a convenient and safe payment channel for the daily digital financial transactions of every Filipino.
Local fintech firms are already tightening user onboarding and account verification processes to allow transactions to be easily traced in order to curb the possible misuse of mobile wallets for illegal vote-buying and money laundering.
Part of financial technology companies’ civic duty is to protect the credibility of the digital financial space that makes Filipino lives easier.
Meanwhile, The Philippine Star reported that GCash has refuted claims that the bulk or 75% of its transactions come from “online sabong”.
Without disclosing specific figures, an official from the fintech company told The Philippine STAR last March 6 that the share of “online sabong” transactions coursed through the platform “is just small”.
“The statement that 3/4 of GCash’s transactions are attributed solely to e-sabong is outright inaccurate and totally baseless,” GCash said.