The Philippine Competition Commission (PCC) has conditionally cleared the proposed acquisition by Globe Fintech Innovations, Inc. (Mynt) of Electronic Commerce Payments, Inc. (ECPay) (collectively, the Parties), following competition concerns that could affect thousands nationwide, including sari-sari stores.
In a statement, PCC also subject its approval to a set of binding voluntary commitments designed to address competition concerns raised during the merger review.
Mynt, operator of the country’s mobile wallet GCash, will acquire 100 percent of the shares in ECPay from Globe Telecom, Inc. and Payment One, Inc. ECPay is a major provider of digital payment solutions and over-the-counter services through thousands of partner outlets, including sari-sari stores nationwide.
According to PCC, a Phase 2 review of the transaction by its Mergers and Acquisitions Office (MAO) identified several competition concerns that could arise in over-the-counter financial transactions through sari-sari stores, platforms that connect multiple billers to digital wallets and payment channels, and payment solutions through digital touchpoints.
The MAO also identified ecosystem-based and data-driven foreclosure effects, where control over platforms or user data could be used to limit rivals’ access to essential services or customers, potentially deterring competition in digital payments services.
To address these concerns, Mynt and ECPay submitted voluntary commitments to the Commission to maintain pricing transparency.
After consultation with other sector regulators such as the National Privacy Commission and the Bangko Sentral ng Pilipinas, the PCC accepted the Parties’ commitment to maintain pricing transparency to customers through the publication of fees in various media platforms and sari-saristore partner outlets.
The Parties also committed to keep their services open and fair to all market players, and to maintain good service quality for consumers and business partners. The Parties also commit to maintain separate IT systems and partner with sector regulators to promote consumer awareness of digital payment services.
The commitments will take effect upon the consummation of the transaction and will remain valid for a minimum of three (3) years, which may be extended by the Commission for up to five (5) years based on changes and developments in market conditions.
The commitments were formalized in the form of an Undertaking signed on May 13, 2025 by representatives of Mynt and ECPay.
To ensure accountability, both Mynt and ECPay are required to appoint a Competition Compliance Officer, tasked to internally monitor compliance with the commitments. The PCC will also be appointing a third-party trustee to independently monitor compliance.
“This clearance demonstrates the Commission’s continuing commitment to enabling innovation while addressing potential risks to competition. Through these remedies, we are ensuring that digital payment markets remain open, competitive, and beneficial to both merchants and consumers,” PCC Chairperson Michael Aguinaldo said.
