GCash tightens user verification process

Enhancing traceability ahead of the 2022 elections

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GCash pledges to implement a stricter user verification process to prevent possible misuse of the platform for illegal vote-buying for the upcoming 2022 local and national elections.

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Together with other fintech companies, GCash has made this commitment at the recent virtual launch of FinTech Alliance Philippines and the E-Money Association of the Philippines advocacy campaign on responsible use of digital payment platforms. The campaign was launched in collaboration with the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC). 

During the virtual event, acting Commission on Elections (COMELEC) chairperson Socorro Inting also said that voters, government financial regulators, and private digital companies must innovate by proactively establishing and maintaining an inter-institutional effort for the responsible use of digital payment platforms. 

GCASH Fintech Alliance PH

According to GCash President and CEO Martha Sazon, also Chair of EMAP, GCash has implemented stricter user onboarding and account verification processes to enhance traceability of transactions within the GCash platform. The company will also adopt more stringent measures as part of its “Know Your Customer” process. Sazon vowed to help implement good governance towards clean and honest elections, saying this is part of GCash’s civic duty to protect the credibility of the digital financial space that has made Filipino lives easier and better, especially during the pandemic. GCash will leverage its huge customer base of over 55 million subscribers to disseminate the right information to the public, counteract fake news and fight election-related illegal activities such as vote-buying, Sazon said.

“GCash will remain steadfast in our commitment to promote responsible use of digital payment platforms, especially in the days leading up to the 2022 elections. We will ensure that the digital products, platforms, and services offered are not misused for vote-buying, vote-selling, and other illegal partisan political activities during the elections,” Sazon added.

GCash will also strengthen its partnership and work closely with other regulators to discuss partnership opportunities to address possible vote-buying activities in the country and comply with the necessary requirements to ensure that its platform will not be used for such illegal acts.

On the other hand, BSP Governor and Monetary Board of the Philippines Chairman Benjamin Diokno called on financial institutions to also be on guard against illegal financial activities in the runup to the elections. “BSP also calls on the financial institutions under its supervision to enhance the surveillance and monitoring mechanisms against digital vote-buying and selling and help citizens better prevent and detect such illegal acts,” Diokno said.

This initiative was also supported by the Parish Pastoral Council for Responsible Voting (PPCRV) President Myla Villanueva, NAMFREL Bantay ng Bayan President Gus Lagman, LENTE Philippines Executive Director Ona Caritos, and FINEX Philippines President Mike Guarin.

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Nathaniel is a part-time contributor and writes for WalasTech in his free time from work. He is a tech-savvy person, a morning radio program listener, a podcast host and producer, as well as a heavy social media user.