Globe Telecom-backed mobile wallet GCash is now covering up to P100,000 in compensation for unauthorized transactions on their app.
In a media briefing in Taguig City on Wednesday, GCash launched its Customer Protect program which assured users of compensation in cases when their accounts are compromised.
Under the program, a user could file a report regarding irregular transactions such as unauthorized withdrawal or point-of-sale purchases arising from instances of stolen mobile phones or identity theft.
Users can report their concerns to GCash’s customer care channels within 15 days from the date of the questionable transaction.
GCash Risk Policy lead Louie Miguel Santos said “fully verified” users can receive compensation of the actual amount of unauthorized transactions but not exceeding P100,000.
“Semi-verified” users can get up to P10,000 while basic users can claim up to P2,000.
Fully verified users are those who have provided government IDs and been interviewed by GCash call center agents. Semi-verified users are those who only supplied the required information while basic users are those who simply downloaded the app and logged on to GCash.
“Actually this program is not required by any regulation in the Philippines. We actually got inspired because one of our mother companies, which is Ant Financial, they actually have this … program in China,” GCash risk manager Peach Orbe said.
“They trained us to balance risk and customer experience well. That’s why we are confident we can manage our risks and be able to compensate for cases of unauthorized transaction,” Orbe said.
GCash is operated by Mynt—a partnership involving Globe Telecom, Ayala Corporation, and Ant Financial. It provides consumers, merchants, and organizations h innovative and first-in-world fintech solutions.
Ant Financial, formerly Alipay, is an affiliate of the Alibaba Group founded by Chinese billionaire Jack Ma.
“It’s actually elevating the financial landscape. Most fintech companies in the Philippine battle for the most convenient products but it is high time for everyone to start talking about security. If you are able to provide this platform you should be able to back it up and protect users as well,” Santos noted.