#Virtual US Account

GCash launched the Virtual US Account in the Philippines on November 5. The feature lets fully verified users receive US dollar transfers and remittances straight into their GCash wallet without a US bank account. The Virtual US Account is powered by Meridian Payments US under a “for benefit of” arrangement. It is not a bank account, does not qualify as a deposit, and is not covered by deposit insurance. GCash cites Bangko Sentral ng Pilipinas data showing that the US accounts for about 40 percent of cash remittances from January to August 2025. GCash is set to roll out in-app one-time passwords (OTPs) beginning June 22, replacing traditional SMS-based verification codes as part of efforts to strengthen account security and combat online fraud. The move comes ahead of the Bangko Sentral ng Pilipinas’ June 30 deadline requiring financial institutions to phase out SMS OTPs under the Anti-Financial Account Scamming Act (AFASA). Users are reminded to turn on push notifications so there won't be any interruptions when checking accounts or finishing transactions. Read more in our articles including "GCash unveils Virtual US Account in PH, enabling direct dollar transfers" and "Pasig Mega Market gets Starlink internet for cashless payments".