DIGITAL wallet provider GCash debunked concerns by legit sellers or merchants with regards to their 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 as quoted by GMA News.

“It is not a transaction refund or reversal product,” it added.

GCash made the reaction after reports said that online sellers are discouraging their customers from using “Send Money Protect.” 

They claimed that they will not be accepting payments through GCash with the new feature enabled.

The Globe-backed fintech launched the 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.

GCash assured 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.