LAWMAKERS on Monday filed a resolution urging the House of Representatives to investigate electronic wallet giant GCash over reports of unauthorized transactions that led to missing funds for some of its users.
Filed by Party-list Reps. Arlene D. Brosas, France L. Castro and Raoul Danniel A. Manuel, the resolution asked the House banks and financial intermediaries, and information and communications technology committees to conduct an inquiry in pursuit of stronger regulations governing digital payment platforms.
GCash did not immediately respond to an e-mail and Viber message seeking comment.
Over the weekend, GCash explained the issue was due to a “system reconciliation process,” noting it has since been resolved by performing “necessary wallet adjustments” to affected users.
“While GCash has acknowledged these incidents as ‘errors in an ongoing system reconciliation process,’ these unauthorized transactions raise serious concerns about the platform’s security measures and consumer protection protocols,” part of House Resolution No. 2068 read.
GCash is registered with the Philippine central bank as a non-bank financial institution. The electronic wallet has about 94-million users and is considered as the largest financial technology (fintech) company in the Philippines, with a valuation of about $5 billion.
In a separate statement, Ms. Castro said there’s a need to formulate “stronger regulatory frameworks” for digital payment services, citing the need to protect the hard-earned money of its users. “These platforms handle people’s hard-earned money, and they must be held to the highest standards of accountability and transparency.” — Kenneth Christiane L. Basilio
