 | This article has multiple issues. Please helpimprove it or discuss these issues on thetalk page.(Learn how and when to remove these messages) (Learn how and when to remove this message)
|
 | |
| Product type | Mobile Payments |
|---|---|
| Owner | Globe Fintech Innovations Inc. (doing business as Mynt) |
| Country | Philippines |
| Introduced | October 2004; 20 years ago (October 2004) |
| Markets | Philippines |
| Website | www |
GCash is a Philippinemobile payments service owned by Globe Fintech Innovations, Inc. (doing business as Mynt), and operated by its wholly-owned subsidiary, G-Xchange, Inc.[1]
Mynt is a joint venture betweenAnt Group, an affiliate company of theAlibaba Group who operatesAlipay, the world's leading mobile andonline payments platform;Ayala Corporation, one of the Philippines' largest and oldest business conglomerates; and telco giantGlobe Telecom, through its corporate venture builder, 917Ventures.
As of May 2023, GCash claims to have 81 million active users and 2.5 million sellers and merchants across the Philippines.[2][3]
Since GCash does not have bank status, the₱500,000 protection of funds deposited in a bank by thePhilippine Deposit Insurance Corporation is not available for e-money issuers.
.jpg)
GCash was launched in October 2004 as anSMS-based money to transfer service. It was Globe Telecom's answer toSmart Communications'Smart Padala which aimed to serve the majority of Filipinos who lacked access to formal banking services at the time. Users could convert their cash toe-money through cash-in and cash-out outlets likesari-sari stores with a transaction fee of₱1.00.[4][5]
GCash launched its mobile application in 2012 to shift from physical outlets to a digital cashless system.[6] In 2017, GCash and its rival mobile walletPayMaya, partnered withFacebook to offer its services withinFacebook Messenger, but this partnership wouldn't last due to changes in Facebook's fintech strategy.[7] GCash is still widely used payment method for physical outlet and offline-related services in the Philippines, particularly retail and events.[8] As of 2022, there were an estimated 58 million active e-wallet users in the Philippines.
From 2013 to 2020, GCash focused on bringing new features to its app includingQR-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 withCIMB Bank Philippines for the pilot of GSave, a high-yield savings account. GSave would later evolve into GSave Marketplace with options between CIMB Bank Philippines,BPI, andMaybank Philippines.[citation needed]
In 2021, GCredit, a revolving mobile credit line initially powered by Fuse Lending was also transferred to CIMB Bank.[9] 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.[10][11]
GCash's parent company, Mynt, made history as the Philippine's first doubleunicorn when it announced that it raised $300M in funding last November 2021 at a $2B valuation.[12][13][14] In an effort to further increase its footprint, GCash Jr., designed for users aged 7 to 17, was launched in 2022.[15]
In August 2024, GCash secured additional funding fromAyala Corporation andMitsubishi UFJ Financial Group, increasing its valuation to $5B.[16]
 | This sectionmay contain an excessive amount of intricatedetail that may interest only a particular audience. Please help byspinning off orrelocating any relevant information, and removing excessive detail that may be againstWikipedia's inclusion policy.(October 2023) (Learn how and when to remove this message) |
During its surge of popularity from 2017 to 2020, GCash experienced multiple service interruptions lasting between one and eight hours.[17]
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.[18]
On May 8, 2023, when hundreds of users, reported missing funds from unauthorized bank transfers.[19][20] By midnight of May 9, the GCash app had 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.[21]
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 inEastWest Bank andAsia United Bank without customer permission.[22] In a statement, GCash wrote:
Some customers may have experienced a deduction in their GCash accounts. We extended our scheduled maintenance to investigate and determined that no hacking occurred.
As of 4:00 pmPHT 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.[23] Users and government regulators remained unhappy without the public disclosure of a comprehensive investigation's findings. House Deputy Minority LeaderBernadette Herrera-Dy ofBagong Henerasyon 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.[24]
The Cybercrime Investigation and Coordinating Center, an attached agency of theDepartment of Information and Communication Technology, probed the incident and requested a meeting with executives from the mobile wallet's operator.[25] TheNational Privacy Commission mentioned that they, too, will be conducting an independent assessment to determine a potential data breach that may have resulted to unauthorized fund transfers.[26]
On May 24, 2023, the National Privacy Commission concluded its extensive investigation into the reported unauthorized transactions involving multiple GCash accounts. After examination and independent verification of the incident, the NPC confirmed that the security breach resulted from the 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'".[27]
