GCash, the preferred mobile wallet of the Philippines, is beefing up its security measures by introducing a new biometrics feature for the online safety of its users as they embrace cashless transactions under the new normal.
With its Multi-Factor Authentication (MFA) and existing security features, the addition of biometrics login as an option shows GCash’s commitment to protecting its customers from financial fraud and even data theft.
“The trust and confidence of our customers is the most important asset that we have. As the most widely used fintech platform in the country, GCash has to live up to its promise of safe and secure transactions for every Filipino out there,” GCash President Martha Sazon said.
Thus, users can now login to the GCash app via face recognition and fingerprint identification. While the MPIN and security questions already provide sufficient protection to their accounts, the new biometrics login feature adds another safeguard against unauthorized financial transactions.
Upon reaching three failed attempts in logging in using biometrics, the GCash app allows the user to login via MPIN instead. But aside from logging in, the new biometrics feature is also integrated as part of a risk check. This is particularly helpful in GCash Invest Money, wherein the app will ask the user to verify the transaction via one-time pin (OTP) authentication as an added layer of security.
Sazon also said that the timing of these new security features could not be more appropriate. From a mobile wallet that Filipinos resorted to for convenience, GCash has become an app that has become part of their daily lives under quarantine and empowers them to do more with less.
As community quarantines were imposed in most areas in the country, GCash recorded a surge in activity, with at least over P100 billion in transaction value at end-July this year.
“GCash is expecting to handle P1 trillion in transactions by the end of 2020, at the very least. Our mobile wallet has significantly made an impact in Filipinos’ lives during the pandemic and we want to strengthen their trust in our brand even more. Thus, it is high time that we add an extra layer of security so that the greater public can continue with their transactions worry-free,” Sazon explained.
Aside from personal transactions, GCash has also made partnerships with the public sector in distributing the Social Amelioration Program (SAP) cash assistance to beneficiaries affected by COVID-19. In turn, SAP beneficiaries may use this money to pay for physical and online transactions as well as pay bills to over 70,000 merchants and billers, buy airtime load, and transfer money to their loved ones–all without having to go outside and withdraw funds from the nearest ATM.
“Beyond inclusivity, security is part of the solutions that GCash offers to make life more bearable for Filipinos during a time crisis. We will strive to innovate and think of more ways on how customers can have more protection as they navigate the new, digital normal,” Sazon said.
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.