GCash: Legit sellers need not worry about Money Protect; not a 'reversal' product

Mobile wallet GCash allayed concerns of online merchants or sellers about its newest insurance product which allows users to insure their money transfers from scams and fraud.

"GCash Send Money Protect is a personal cyber insurance that provides extra protection against common types of scams, such as social engineering and online shopping fraud,” GCash said in a statement sent to GMA News Online.

“It is not a transaction refund or reversal product,” the fintech said.

GCash was asked for comment as several online sellers discouraged their customers from using “Send Money Protect” with some saying they will not be accepting payments through GCash with the new feature enabled.

Early this week, the Globe-backed fintech launched Send Money Protect or SMP, which can be availed for P30 and can insure a user’s Express Send or GCash to GCash money transfers for 30 days for a maximum amount of P15,000 if they get scammed.

Amid concerns of online sellers, GCash said that if a user was proven to have been scammed, “the coverage will be provided by the insurer, Chubb” and will not be charged against the receiver.

“Legitimate online sellers have nothing to worry about SMP as adequate controls are in place to ensure this feature cannot be exploited by scammers,” it said. —KG, GMA Integrated News