GCash, the mobile wallte used by 55 million people in the Philippines, said it would "tighten" its user verification process to help fight vote-buying in the May 9 elections.
Compared to a non-verified user, verified GCash account holders have higher transaction limits, meaning they can keep and send larger amounts of money. GCash requires users to submit IDs through the app to get verified.
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During the 2019 mid-term vote, police noted how digital wallets were being used to buy votes and the use GCash, PayMaya and similar platforms exploded in the pandemic years that followed.
“GCash will remain steadfast in our commitment to promote responsible use of digital payment platforms, especially in the days leading up to the 2022 elections. We will ensure that the digital products, platforms, and services offered are not misused for vote-buying, vote-selling and other illegal partisan political activities during the elections,” GCash president and CEO Martha Sazon said in a statement.
With over 55 million subscribers, GCash will leverage on its huge customer base to disseminate the right information to the public, counteract fake news and fight election-related illegal activities such as vote-buying, Sazon said.
GCash said it would partner with regulators and government institutions to address vote-buying.
“BSP also calls on the financial institutions under its supervision to enhance the surveillance and monitoring mechanisms against digital vote-buying and selling and help citizens better prevent and detect such illegal acts,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno was quoted in the statement.
EXPLAINERS:
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