• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Regional
    • Davao Region
    • Northern Mindanao
    • Soccsksargen
    • Caraga Region
    • Zamboanga Peninsula
  • Categories
    • Top Stories
    • Environment
    • Police Files
    • Business
    • Davao Region
    • BARMM
    • Newslights
    • Agriculture and Food
    • Bisaya Kini
    • Where’s Our Money
    • War On Drugs
  • About Us
  • Contact Us
  • Privacy Policy
NewsLine Philippines

NewsLine Philippines

Building Information Highway for the Community

  • Top Stories
  • Business
  • Health
  • Environment
  • War On Drugs
  • Bisaya Kini
  • OFW News
  • June 15, 2025

BSP directs GCash to expedite refunds for unauthorized transfers amid system error

November 12, 2024 by Editha Z. Caduaya

DAVAO CITY –— The Bangko Sentral ng Pilipinas (BSP) has issued a directive to G-Xchange, Inc. (GXI), the operator behind the popular e-wallet platform GCash, to promptly address and resolve unauthorized deductions from users’ accounts.

In a press statement, The BSP emphasized the need for GXI to speed up the refund process for affected customers, ensuring that no user suffers a prolonged inconvenience from the recent issue.

Aside from to ordering immediate refunds, the BSP has mandated GXI to provide regular updates on the progress of these refunds, underscoring the importance of transparency and accountability. BSP’s close coordination with GXI signals the regulator’s intent to maintain oversight on this matter, with the central bank committing to a “prompt resolution.”

The BSP in a statement said “Based on the initial report of GXI to the BSP, the incident was attributed to a system error. GXI assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deduction.”

According to GXI’s initial report submitted to the BSP, the unauthorized deductions were caused by a system error. While this may have led to unexpected transactions and some alarm among users, GXI has assured that no personal accounts were compromised and that all GCash users’ funds remain secure. The company is actively working to ensure all deductions are reversed, and affected customers will soon see their funds restored.

BSP has announced it will dig deeper to further understand the incident, aiming to pinpoint any vulnerabilities in GXI’s systems and assess the e-wallet provider’s compliance with current security regulations and consumer protection policies. This review is expected to strengthen consumer confidence and help prevent similar occurrences in the future.

The BSP is urging affected GCash users to directly contact GXI to resolve their concerns efficiently. If customers find GXI’s response unsatisfactory, they are encouraged to escalate their complaints through the BSP Online Buddy, a digital support channel. This option ensures that users have a reliable avenue for resolution should issues persist.

As digital wallets become increasingly integral to everyday transactions, the BSP’s swift intervention serves as a reminder of the need for secure and responsive financial services. For GCash, the ongoing refund process and system review mark an opportunity to strengthen consumer trust by demonstrating a commitment to transparency and timely resolution.

In the wake of this incident, users can expect a stronger focus on reliability and security, which the BSP and GXI are both committed to upholding as they work together to ensure the highest standards for the growing e-wallet industry.

Filed Under: Business, Top Stories, Tourism, TRADE AND INDUSTRY Tagged With: bangko Sentral nga Pilipinas, Gcash system glitch

About Editha Z. Caduaya

Edith Z Caduaya studied Bachelor of Science in Development Communication at the University of Southern Mindanao.

The chairperson of Mindanao Independent Press Council (MIPC) Inc.

Primary Sidebar

loader-image
Davao City
Davao City, PH
11:20 am, Jun 15, 2025
temperature icon 30°C
broken clouds
Humidity: 66 %
Wind: 9 mph
Clouds: 75%
Sunrise: 5:22 am
Sunset: 5:53 pm
Detailed weather
Weather from OpenWeatherMap
  • Human trafficking
  • Bisaya Kini
  • Business
  • Health
  • Environment
  • War On Drugs
  • Newslights
  • OFW News
  • Top Stories
  • Where’s Our Money

Youtube Videos

  • Electrical Laboratory Project sa Davao Light ug Aboitiz Foundation, giturnover sa usa ka eskwelahan
    by NEWSLINE PHILIPPINES at 3:00 am
  • Multi-purpose basketball court, solar crop dryer ug solar street lights, giturnover sa R-PSB
    by NEWSLINE PHILIPPINES at 2:00 am

Top Stories

Comelec audit reports 99.997% accuracy of May 12 polls

June 13, 2025 By Philippine News Agency

Dengue cases in Caraga show steady decline – DOH-13

June 13, 2025 By NewsLine Philippines

𝐁𝐑𝐈𝐆𝐀𝐃𝐀 𝐄𝐒𝐊𝐖𝐄𝐋𝐀 𝟐𝟎𝟐𝟓: “𝐒ama-sama para sa Bayang Bumabasa”

June 12, 2025 By NewsLine Philippines

Jetstar Asia to end operations on July 31, 2025

June 12, 2025 By Editha Z. Caduaya

Senate sends VP Duterte’s impeachment case back to House for review

June 11, 2025 By Editha Z. Caduaya

More Top Stories Post

Opinion

Content with Purpose: Lessons from Krakow

May 7, 2025 By Editha Z. Caduaya

Duterte’s Arrest: A Victory for EJK victims or an injustice to his legacy?

March 12, 2025 By Editha Z. Caduaya

Senators failed to get what they wanted from Duterte

October 30, 2024 By Editha Z. Caduaya

More Opinion Post

Environment

Ferry sinks off Basilan coast; All passengers rescued

June 9, 2025 By Paul Palacio

10 Mpox cases detected in Davao Region in  two months

May 31, 2025 By Editha Z. Caduaya

More Environment Post

Governance

More Governance Post

Footer

Contact Us

Newsline Philippines
Mobile: +63917 150 8377
Email Address: newslineph.corres@gmail.com or newsline.ph@gmail.com

Bisaya Kini

16 ka fighter jet gigama sa US aron ihanyag sa Pilipinas

June 7, 2025 By Paul Palacio

Pagbalasa Kabinete gipaspasan sa Palasyo

June 1, 2025 By Paul Palacio

Reklamo ni FPRRD batok ni  Abalos, Marbil gibasura sa DOJ

May 23, 2025 By Paul Palacio

SUV rams NAIA airport terminal 1, several injured

May 4, 2025 By Editha Z. Caduaya

Special Envoy nga mikuyog kang Duterte sa The Hague gitanggong sa Senado

April 22, 2025 By Editha Z. Caduaya

More Bisaya Kini Post

Agriculture and Food

Northern Mindanao Launches Sale of ₱20 Rice for Minimum Wage Earners

June 13, 2025 By Paul Palacio

DA, FDA strengthen vaccine regulation amid ASF resurgence in Cotabato

May 23, 2025 By Editha Z. Caduaya

Comelec exempts ‘P20/kilo’ rice program from election spending ban

April 27, 2025 By Editha Z. Caduaya

More Post

DISCLAIMER

Newsline Philippine website welcomes healthy discussion, exchange of opinions friendly debate, but comments posted by our readers does not reflect the views and opinion of Newsline Philippines.

Newsline Philippines reserves the right to delete, reproduce, or modify comments posted here without notice. Posts that are inappropriate and does not follow community standard will automatically be deleted.

Newsline Philippines IPO Reg. No. 4/2017/005044896
Newsline Philippines · Copyright © 2025 · All Rights Reserved