The number of people engaging in online business has increased ever since the quarantine restrictions were implemented in the country due to the COVID-19 pandemic.
These are the workers who lost their jobs, OFWs who came back to the Philippines, individuals who learned how to cook or do some crafts and were able to find customer using free online platforms to sell their home-made products.
Thus, the use of online payment facilities like GCash also increased. Currently, there is a limit of P50,000 for the basic level of GCash wallet and P100,000 for fully verified account. Under the Anti-Money Laundering Act of 2001 mandated by the Bangko Sentral ng Pilipinas (BSP), it dictates what the wallet limits are, and which services are available for each level.
For businesses who became successful, having a higher limit on their virtual wallets is a must especially when orders now starts to come in bulks.
The good news is that GCash is now offering a P500,000 wallet increase if the GCash account holder will connect a bank account or a debit card (source of fund). Once an account is successfully verified and connected, the increase will be automatically applied.
Increase your wallet limit from P100k to P500k by tapping https://go.gcash.com/linkedaccounts to link your Unionbank or BPI bank account or any debit card to your GCash account!
Visit https://go.gcash.com/increasedlimits to learn more.