DSWD taps GCash for digital distribution of SAP

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GCash, the leading mobile wallet in the Philippines, has been tapped by the Department of Social Works and Development (DSWD) for the disbursement of its digital financial aid in a bid to hasten the distribution of the cash assistance to its beneficiaries. 

Now, beneficiaries of the Social Amelioration Program (SAP) may choose to receive their cash aid safely, securely, and conveniently via GCash. By simply registering in the newly-launched online platform called ReliefAgad, beneficiaries may apply for the cash aid without the need to line up at government centers, thereby reducing the risk of COVID-19 transmission. 

“The government’s decision to tap financial technology (fintech) players to disburse financial assistance to those who are severely affected by the pandemic is very commendable. Using the GCash platform for the program ensures that the distribution of cash aid is not only secure and convenient, but also reduces the risk of spreading the virus,” GCash President Martha Sazon said. 

The DSWD has decided to digitalize the second tranche of the SAP through a partnership with the tech organization Developers Connect Philippines (DevCon) and the United States Agency for International Aid (USAID), both of which helped develop the ReliefAgad platform. 

Through the platform, beneficiaries of the program may register and choose their preferred payout option. This not only ensures that the monies will be delivered straight to the recipients, but also ensures the safety of the beneficiaries and government employees, as it limits human interaction. 

Aside from a higher risk of spreading COVID-19 brought about by the lack of physical distancing in distribution centers, using bank notes is also a possible way of transmitting the virus. Health experts found that paper money increases the risk of coronavirus transmission since harmful bacteria and viruses can survive on its surface for several days. 

GCash provides a safer and better alternative to cash as it reduces costs and increases efficiency of transactions, better transparency and security, offers greater convenience, and promotes financial inclusion. 

So far, more than 2 million users have registered themselves in the ReliefAgad platform, recognizing the advantages of the digital solution. 

“In the face of a pandemic, mobile wallets have become a necessity. We at GCash are glad that the government has decided to tap us as a payout gateway for the SAP, and we are ready to implement this initiative through our best-in-class platform,” Sazon said. 

Aside from cashing out the financial aid from tens of thousands of partner establishments, beneficiaries who opted to receive the government assistance via GCash may use their mobile wallets for a variety of services. 

GCash empowers users to pay for physical and online transactions to over 75,000 merchants, transact with over 400 billers, and transfer funds to over 40 banks in the Philippines. GCash users may also use their GCash wallets to buy airtime load, save money, invest in money market funds, and purchase insurance products. 

“As a strong government partner, GCash will always be open to provide help to the government for the welfare of our countrymen,” 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. 

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.

GCash adopts Alipay’s risk technology to bolster security

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In keeping with the crisis-induced increase of activity in digital finance, GCash, the leading mobile wallet in the Philippines, adopted new and enhanced security and risk technologies by Alipay, the world’s leading open digital lifestyle platform.

Alipay recently upgraded its AI-powered risk engine, AlphaRisk to enhance its world-leading real-time risk detection and management capabilities.

“Security has always been at the core by which GCash operates, and as we transition to the new normal, we must provide a safer and more reliable user experience for GCash users. Through Alipay’s risk engine and technology, we are further bolstering our risk and security capabilities that will ultimately benefit our end-users,” GCash Chief Technology and Operations Officer Pebbles Sy said.

The acceleration of digital finance across the globe poses an overall concern over user security. With the integration of fintech into the new normal amid COVID-19, a new breed of fraud risks also arise due to potential cyber-attacks and identity theft, among others. This means that banks and fintech platforms have to prioritize fraud prevention and reduce vulnerability to crime in their digital strategies.

GCash responded to this by levelling up its security through Alipay’s risk engine and technology. The engine maintains a fraud loss rate of less than a 0.64 in 10 million. This means that out of P10 million pesos, only less than 0.64 centavos can potentially be lost due to fraud, which is significantly lower than industry average. 

With over 200 algorithms for risk profile adjustment thanks to the engine’s AutoPilot feature, GCash can employ the best risk management strategy as well as topnotch user experience. 

This means that GCash is almost invulnerable to losses due to fraud thanks to the enhanced technology. Since it detects all potential risks which threaten its customers’ money, it also leads to a worry-free user experience since subscribers can transact as much as they want without having to think about losing their money to fraud. 

AlphaRisk does this by quickly responding to risks detected by adjusting risk profiles within a short period of time. Not only did it help protect the 1.2 billion user accounts on Alipay and its wallet partners’ platforms, last year, over 10,000 Independent Software Vendors (ISVs) and merchants have upgraded security as well, and over RMB30 billion in funds have been protected from promotion abuse, which can damage a brand’s ability to retain and acquire customers.

In the local context, it also led to the launch of GCash Customer Protect last September, a program that ensures money-back guarantee for unauthorized transactions.

“At the beginning of our growth journey, we were facing challenges in adoption due to consumers’ lack of trust and security concerns. We have significantly decreased promotion abuse to less than 1 percent, and improved our security capability,” said Peach Lucienne Orbe, Head of Risk Decision Center at GCash. 

At present, GCash has over 20 million registered users who use the app for payment, remittance and financial services, as well as over 75,000 QR merchant partners.

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.

GCash is available for download on the App Store and Google Play. For more information, kindly visit https://www.gcash.com/.