E-wallet operator GCash has fully restored funds that were inadvertently debited from some users due to an error in its system reconciliation process over the weekend.
Ernest Cu, president and chief executive officer of GCash’s parent company, Globe Telecom Inc., told reporters during an online news briefing on Monday, Nov. 11, that the company successfully returned all incorrectly debited funds to affected users within 24 hours.
“It was a reconciliation issue that led to some wallets being debited accidentally. What is important to focus on is that all errors were rectified quickly, and no consumer lost any funds,” Cu stated.
He added, “The accounts were restored within 24 hours, and corrections were made to the process. We will ensure that this doesn’t happen again.”
Several GCash customers expressed their frustration on social media over the weekend after receiving notifications that thousands of pesos had been debited from their accounts in what appeared to be unauthorized transactions.
Among those affected was celebrity comedian Pokwang, who reported losing P85,000 from her GCash account, which she uses for her food business.
In response to the incident, GCash promptly issued a statement, confirming that they had identified and reached out to the affected customers.
GCash is a non-bank financial institution and an electronic money issuer registered with the Bangko Sentral ng Pilipinas. It is a wholly-owned subsidiary of Globe Fintech Innovations Inc., a joint venture involving Globe, its parent company Ayala Corp., and Ant Financial.