THE operator of GCash, the country's biggest mobile payments service, will be investigated by the Bangko Sentral ng Pilipinas (BSP) and has also been ordered to promptly address unauthorized deductions reported over the weekend by users.

The central bank on Monday said that it was actively monitoring the actions being taken by G-Xchange Inc. (GXI) and had required the firm to provide regular updates on how it was resolving the issue.

It urged GXI to expedite the refund process and ensure that affected users' balances would be restored without delay.

GXI has blamed a system error for unauthorized deductions that were reported by many users over the weekend. It told the BSP and customers that all GCash accounts remained secure and that refund efforts were underway.

"[The] BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies," the central bank said.

It urged affected customers to coordinate with GXI to resolve complaints, adding that if they were not satisfied with GXI's handling, consumers may escalate concerns to the BSP Online Buddy (BOB)" facility.

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