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150:
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27:
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264:, but this partnership wouldn't last due to changes in Facebook's fintech strategy. GCash is still widely used payment method for physical outlet and offline-related services in the Philippines, particularly retail and events. As of 2022, there were an estimated 58 million active e-wallet users in the Philippines, with this number expected to reach 81 million by 2025.
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and Laban TNVS President Jun De Leon, reported missing funds from unauthorized bank transfers. By midnight of May 9, the GCash app had abruptly shut down and a full-banner error message that read "We're just working on improving your experience. Rest assured that your funds are safe" was displayed.
470:
On May 24, 2023, the
National Privacy Commission concluded its extensive investigation into the reported unauthorized transactions involving multiple GCash accounts. After careful examination and independent verification of the incident, the NPC confirmed that the security breach resulted from the
447:
of May 9, GCash said it has already adjusted the balance of affected users, and added that the app is operational again after an hours-long downtime. Users and government regulators remained unhappy without the public disclosure of a comprehensive investigation's findings. House Deputy
Minority
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Around 300 victims formed a group chat and alleged hacking, but GCash denied that such an incident occurred and stuck to the same messaging that all funds were secure, even after its own admission that sums of money were funneled by an undisclosed malicious actor to two accounts in
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During its hypergrowth stage from 2017 to 2020, GCash experienced multiple service interruptions lasting between one and eight hours. During every outage, users encountered transaction errors, including failed or delayed posting of payments, incorrect debits, and/or missing funds.
286:
In 2021, GCredit, a revolving mobile credit line initially powered by Fuse
Lending was also transferred to CIMB Bank. GCash also revived its remittance service, now called GCash Padala, and made it available to non-app users through its 2,000 partner outlets nationwide.
471:
utilization of “phishing” attacks. According to the
Privacy Commissioner, John Henry Du Naga, "Unknown threat actors took advantage of vulnerable GCash users, triggering the phishing scheme through online gambling websites such as 'Philwin' and 'tapwin1.com'".
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There have also been reports of fraud and scams that specifically targeted GCash users, most notably involving phishing activities. In response, GCash launched "Double Safe" in 2023 which requires facial identification from customers.
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when it announced that it raised $ 300M in funding last
November 2021 at a $ 2B valuation. In an effort to further increase its footprint, GCash Jr., designed for users aged 7 to 17, was launched in 2022.
271:-based payments, mobile and gaming credit purchases, online checkout, barcode cash-in, bills payment, and the support for InstaPay which enabled interbank transfers. GCash also partnered with
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334:
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filed House
Resolution No. 963 which seeks for a congress-led probe because she was not satisfied with GCash's non-explanation of what caused the anomalous transactions.
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Some customers may have experienced a deduction in their GCash accounts. We extended our scheduled maintenance to investigate and determined that no hacking occurred.
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mentioned that they, too, will be conducting an independent assessment to determine a potential data breach that may have resulted to unauthorized fund transfers.
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Philippines for the pilot of GSave, a high-yield savings account. GSave would later evolve into GSave
Marketplace with options between CIMB Bank Philippines,
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GCash launched its mobile application in 2012 to shift from physical outlets to a digital cashless system. In 2017, GCash and its rival mobile wallet
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which aimed to serve the majority of
Filipinos who lacked access to formal banking services at the time. Users could convert their cash to
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groups which served as a platform for customers to help and ask for help from other users. An episode of the segment "Tapat Na Po" from
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service owned by Globe
Fintech Innovations, Inc. (doing business as Mynt), and operated by its wholly-owned subsidiary, G-Xchange, Inc.
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As of May 2023, GCash claims to have 81 million active users and 2.5 million sellers and merchants across the
Philippines.
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GCash's most notable scandal was on May 8, 2023, when hundreds of users, including notable personalities such as comedian
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Some users also complained that their concerns were not sufficiently resolved by customer support, thus giving rise to
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Weekend also tackled complaints about GCash blocking account access for some people without providing any reason.
489:"GXI, First Performance Global Partner to Launch Mobile App in PH for Greater User Security and Purchase Control"
342:
56:
303:
276:
381:
GCash QR code for in-store payments via the GCash app as well as QR Ph- and Alipay-affiliated mobile wallets
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Selling event tickets with GCash, MAYA, GrabPay, and ShopeePay now supported in the Philippines | Eventsize
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464:
1191:
463:, probed the incident and requested a meeting with executives from the mobile wallet's operator. The
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636:"Selling event tickets with GCash, MAYA, GrabPay, and ShopeePay now supported in the Philippines"
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may contain an excessive amount of intricate detail that may interest only a particular audience
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661:"CIMB Bank to power GCredit; customers to enjoy higher credit limits and lower interest rates"
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8:
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764:"Mynt becomes first fintech Unicorn in the Philippines with $ 300 million fund raise"
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188:, one of the Philippines' largest and oldest business conglomerates; and telco giant
185:
432:
635:
600:"Coins.ph, GCash, GrabPay, PayMaya: Who's leading the mobile payments war in PH?"
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200:
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The Cybercrime Investigation and Coordinating Center, an attached agency of the
943:"Chad Kinis laments alleged 'hacking' of digital wallet: 'Inubos ang pera ko!'"
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From 2013 to 2020, GCash focused on bringing new features to its app including
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any relevant information, and removing excessive detail that may be against
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GCash's parent company, Mynt, made history as the Philippine's first double
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1073:"NPC probes 'potential data breach' in unauthorized GCash fund transfers"
817:"Be ready to discover bigger things with your first e-wallet, GCash Jr"
419:
586:
Mobile Money in the Philippines: The Market, the Models and Regulation
403:
373:
272:
169:
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Cabristante, Raffy; Ambrosio, Zyann; Vicencio, Lady (May 9, 2023).
395:
257:
229:-based money to transfer service. It was Globe Telecom's answer to
840:"GCash boosts valuation to $ 5B with new funding from Ayala, MUFG"
791:"Mynt, fintech firm behind GCash, reaches 'double unicorn' status"
618:"GCash, PayMaya take in Facebook Messenger for money transactions"
280:
268:
238:
1099:"NPC Concludes Investigation on Unauthorized Gcash Transactions"
515:"GCash urged to explain glitch in order to regain public trust"
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1047:"Regulators probe GCash; telcos vow to strengthen data prote"
968:"Ilang bangko tumutulong sa imbestigasyon sa aberya sa GCash"
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378:
94:
996:"GCash says all affected e-wallets 'adjusted' as of 4 p.m."
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1021:"House probe into unauthorized GCash transactions sought"
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without customer permission. In a statement, GCash wrote:
226:
713:"How to Send Money to Non-GCash Users with GCash Padala"
140:
1129:
865:"GCash says app, services restored after 4-hour outage"
687:"GCash expands money transfer service to non-app users"
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Globe Fintech Innovations Inc. (doing business as Mynt)
461:
Department of Information and Communication Technology
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In August 2024, GCash secured additional funding from
192:, through its corporate venture builder, 917Ventures.
55:, and by adding encyclopedic content written from a
891:"GCash to roll out 'double authentication' feature"
542:"GCash monthly gross transactions hit P300 billion"
918:"GCash says 'no funds lost' despite system glitch"
413:
1148:
788:
205:protection of funds deposited in a bank by the
739:"Mynt, PH's only unicorn gets $ 300-M funding"
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789:Dumlao-Abadilla, Doris (November 2, 2021).
198:Since GCash does not have bank status, the
241:through cash-in and cash-out outlets like
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361:Learn how and when to remove this message
225:GCash was launched in October 2004 as an
75:Learn how and when to remove this message
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711:Medilo, Luis Reginaldo (July 30, 2021).
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207:Philippine Deposit Insurance Corporation
1162:Internet properties established in 2004
1167:2004 establishments in the Philippines
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838:Piad, Tyrone Jasper (August 2, 2024).
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540:Mercurio, Richmond (August 19, 2021).
209:is not available for e-money issuers.
36:contains content that is written like
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737:Abadilla, Emmie (November 2, 2021).
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306:, increasing its valuation to $ 5B.
20:
16:Philippine mobile payments platform
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1182:Mobile payments in the Philippines
14:
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685:Balinbin, Arjay (July 26, 2021).
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180:, the world's leading mobile and
566:Unsworth, Adam (July 17, 2010).
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168:Mynt is a joint venture between
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1137:Comparison of GCash and PayMaya
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815:MB Technews (August 10, 2022).
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1177:Ayala Corporation subsidiaries
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414:2023 unauthorized transactions
304:Mitsubishi UFJ Financial Group
172:, an affiliate company of the
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260:to offer its services within
343:Knowledge's inclusion policy
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1103:National Privacy Commission
465:National Privacy Commission
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245:with a transaction fee of
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1187:Payment service providers
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624:. September 22, 2017.
450:Bernadette Herrera-Dy
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386:Service interruptions
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221:A GCash cash-in kiosk
220:
57:neutral point of view
568:"Case Study – GCash"
231:Smart Communications
897:. November 24, 2022
665:www.cimbbank.com.ph
546:The Philippine Star
495:. February 22, 2016
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49:promotional content
871:. January 11, 2022
770:. November 5, 2021
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262:Facebook Messenger
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51:and inappropriate
1192:Philippine brands
1142:دانلود تراست والت
819:. Manila Bulletin
574:on March 3, 2023.
454:Bagong Henerasyon
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300:Ayala Corporation
256:, partnered with
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1105:. May 24, 2023
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1027:. May 10, 2023
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43:Please help
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875:January 11,
800:January 31,
774:December 5,
748:December 5,
131:Philippines
123:Philippines
1151:Categories
849:August 12,
823:August 17,
645:August 21,
551:August 20,
475:References
420:Chad Kinis
339:relocating
184:platform;
45:improve it
722:August 2,
696:August 2,
404:TV Patrol
273:CIMB Bank
170:Ant Group
768:Finextra
622:GMA News
396:Facebook
258:Facebook
1109:July 6,
1083:May 13,
1077:RAPPLER
1057:May 12,
1031:May 10,
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1005:May 10,
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604:Rappler
588:. GSMA.
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499:May 13,
448:Leader
292:unicorn
281:Maybank
254:PayMaya
239:e-money
213:History
203:500,000
136:Website
128:Markets
120:Country
310:Issues
279:, and
178:Alipay
143:.gcash
400:Viber
379:QR Ph
247:₱1.00
159:GCash
112:Owner
88:GCash
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