For security purposes, minors are legally barred from owning an account with GCash, the mobile wallet which has over 55 million subscribers nationwide and currently hauls in over P3 trillion transaction value per year.
It's illegal for minors to use false documents or mule accounts to access the GCash app and violators will be penalized under the law, the mobile wallet warned in a statement issued Tuesday, March 8.
"GCash ensures strict compliance with the guidelines of the Philippine Amusement and Gaming Corporation (PAGCOR), Bangko Sentral ng Pilipinas (BSP) and the Department of Information and Communications Technology (DICT) to promote safety and security of our users," according to the statement.
"We do this with proper verification and monitoring. We make sure we have a verification and a 'Know Your Customer' (KYC) process in place to prevent minors from using our channel for this particular service, even as other online channels are available that offer the same service without similar guidelines."
The KYC rule serves to verify and ascertain the legitimacy of every customer that signs up in the GCash platform.
This is part of GCash's commitment to provide a safe, and convenient payment channel for the daily digital financial transactions of every Filipino.
Already, local fintech firms are tightening user onboarding and account verification processes to allow transactions to be traced easily to curb possible misuse of mobile wallets for money laundering and illegal vote-buying in the May 9, 2022 elections.
Part of fintech firms' civic duty is to protect the credibility of the digital financial space that makes Filipino lives easier.