GCash now empowers its customers with the Philippines’ first embedded online scam protection for money transfers, Send Money Protect or SMP. For only PHP 30, this new GInsure feature gives them extra protection for all their Express Send transactions for 30 days, covering up to PHP 15,000 if they unfortunately get scammed.
Digital money transfers are now part of everyone’s daily lives. With this cashless economy comes scammers, fraudsters, and cybercriminals who constantly think of creative ways to try and take users’ hard-earned funds. This is why GCash as the Philippines’ #1 finance superapp and largest cashless ecosystem, partnered with Chubb, a world leader in insurance, to launch the country’s first and most comprehensive embedded scam coverage when sending money via a digital wallet.
“At GCash, we make sure to be relentless in strengthening our trust and security initiatives - from utilizing top-notch cybersecurity technology and AI-powered systems, to ensuring our customers are educated through our GSafeTayo campaign. We also work very closely with law enforcement agencies to run after cybercriminals. In addition to these, we are excited to offer SMP so our users can have that option to give themselves extra protection against threats,” said Winsley Bangit, vice president and group head for New Businesses.
SMP protects users from the most common scams, like those done by a fake online seller, or scammers who pretend to be someone you know to trick you into sending money via Express Send.
This new product can be availed in three easy steps when sending money - first, ensure the Send Money Protect button is clicked in the Express Send transaction screen. After which, tap the pop-up screen to reconfirm, and then proceed to finish your Express Send transaction, now protected with SMP.
“While due diligence is needed in making sure that online transactions are legitimate, we hope our new solution boosts our users’ confidence to send money worry-free," added Bangit.
By providing a safety net against unforeseen events, SMP contributes significantly to the financial well-being of users, in line with GCash's vision of finance for all.
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
Legal Disclaimer & Safe Harbor Statement
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.
