GCash, the Philippines’ leading finance super app and largest cashless ecosystem, is set to roll out its In-App One-Time Passwords (OTPs) feature by June 22, replacing SMS-based authentication as part of its strengthened cybersecurity measures against phishing scams and financial fraud. As GCash transitions to In-App OTPs, users are encouraged to ensure that push notifications are enabled to avoid any disruption on transactions and account activities.
With this latest security enhancement, users now receive their OTPs through secure push notifications directly within the app, providing a safer and more seamless verification experience.
This move by the country’s leading finance super app complies with the directive of the Bangko Sentral ng Pilipinas to phase out SMS-based OTPs by June 30, 2026. The measure aligns with the Anti-Financial Account Scamming Act (AFASA), which aims to strengthen cybersecurity safeguards and curb the growing incidence of digital fraud.
For years, SMS-based OTPs have been targeted by scammers as a means of accessing user accounts. The switch to In-App OTPs is an important step toward addressing these vulnerabilities. By sending OTP requests directly to the user’s authenticated GCash app, GCash ensures that only the intended users can receive and use the unique OTPs, protecting them from unauthorized access.
Instant, one-tap authentication also removes the need to switch apps, type codes, or wait for text messages to arrive, resulting in faster transactions and removing exposure to SMS OTPs that scammers and fraudsters can exploit.
“Our upgrade to In-App OTPs is a strategic move to put an end to phishable SMS OTPs. We will shift users to instant, GCash app-verified authentication, to increase the security of their daily transactions,” said Miguel Geronilla, Chief Information Security Officer of GCash.
The introduction of In-App OTPs is part of the broader strategy of GCash to enhance security through Multi-Factor Authentication (MFA), a well-established industry standard that adds multiple layers of protection when accessing an account. MFA greatly reduces the risk of account takeovers, even if passwords or MPINs are compromised.
GCash has consistently invested in stronger protection systems, including Know-Your-Customer (KYC) verification and Facial Recognition verification (Double Safe). In-App OTPs build on these existing measures, enhancing security without adding unnecessary friction to the user experience.
As digital scams continue to evolve, GCash remains committed to proactively enhancing platform security and setting higher standards for safe and secure digital finance in the Philippines.
For more information, visit www.gcash.com.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
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This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
