Demand for e-wallets 'strong' despite GCash glitch: expert


Posted at May 11 2023 11:16 AM

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Demand for e-wallets remains "strong" despite a GCash "glitch" that resulted in unauthorized transfers of money from hundreds of accounts, a digital law expert said on Thursday. 

"It might dampen at first, and I think it’s inevitable. But at the same time, those who do use these digital wallets, I think they do recognize the comfort or the ease that using digital wallets could provide," said Atty. Oliver Xavier Reyes of the Technology, Law, and Policy Program of the University of the Philippines Law Center.

"These e-wallets are accessible, are widely available for the use of payments. I think that that will ensure that there will be a strong market for that," he told ANC. 

Reyes added that financial institutions "invest way more resources, way more money than we could in our own individual capacities do so in protecting our own physical wallets, or perhaps hiding our money in personal safes." 

Some 300 members of a group chat of GCash users allegedly lost funds on Tuesday. GCash returned the "deducted" money the same day, insisting that no funds were lost. 

The mobile wallet said no hacking occurred. It also apologized for the inconvenience. 

Reyes said Globe should be transparent on how it deals with alleged phishing incidents. 

"I've seen that there might be congressional hearings on this, the more that they're seen to be cooperative rather than evasive in their responsibilities, I think that that would ensure that confidence in their products and services would remain," he said.