GCash, a leading e-wallet platform in the Philippines, reported disruptions in its bank transfer feature via BancNet on Friday, sparking concerns among users. Complaints surfaced on social media as some transactions failed to reflect in their GCash accounts.
In a statement posted on its official Facebook page, GCash acknowledged the issue and assured users that it was being addressed. “Bank Transfer to GCash will be right back! BancNet is working to restore the service as soon as possible,” the company stated. It also informed users that funds debited from their bank accounts during this period would be credited to their GCash wallets within 24 to 48 hours.
Major banks, including BPI, BDO, and Landbank, have since issued advisories to their clients regarding the disruption. BPI announced that it had temporarily disabled GCash as a receiving bank for interbank transfers via Instapay on its platforms. “We will share updates as soon as we receive confirmation that they have resolved the issue,” BPI stated. Similarly, BDO informed its customers that the “Send Money to GCash” feature was currently unavailable, while Landbank reported that fund transfers to GCash through its mobile app and iAccess service were also affected.
This development comes on the heels of another issue that rocked GCash last week, where customers reported unauthorized transactions on their accounts. While the company swiftly addressed the earlier problem, the recurring challenges have raised concerns among users about the reliability of the platform.
The recent disruptions underscore the growing reliance on digital financial services and the potential impact of technical glitches on daily transactions. With GCash being one of the most widely used fintech platforms in the country, these issues have prompted calls for enhanced stability and faster resolutions.
BancNet, the electronic payments network involved in facilitating interbank transactions, is reportedly working to resolve the situation. Neither GCash nor BancNet has provided a timeline for the full restoration of the service.
In the meantime, GCash users are advised to monitor their accounts for credited funds and to stay updated through official channels for further announcements.