GCash fixes system error that debited user accounts

On Monday, GCash announced corrections to address errors in its system reconciliation process that led to unintended debiting of user accounts over the weekend.

Globe Telecom Inc. president Ernest Cu assured there were no unauthorized fund losses and all affected accounts were restored within 24 hours.

Cu emphasized that the issue was a reconciliation error rather than security breaches, with GCash quickly rectifying the situation.

The Bangko Sentral ng Pilipinas (BSP) ordered GCash to submit regular updates on its actions regarding the matter and is coordinating closely with G-Xchange Inc. to resolve the issue.

GCash continues to dominate the Philippine fintech market, with 80% of Filipinos using its platform and contributing a record P3.5 billion to Globe's pre-tax net income in the first three quarters of 2024.