The Philippine Competition Commission (PCC) has approved Globe Fintech Innovations Inc.’s (Mynt) acquisition of Electronic Commerce Payments Inc. (ECPay), subject to binding voluntary commitments aimed at addressing competition concerns raised during a second phase review.

The commitments, submitted by the parties and accepted by the PCC after consultations with the National Privacy Commission and the Bangko Sentral ng Pilipinas, cover pricing transparency, fair access, and consumer protection across digital and over-the-counter payment channels.

Key measures include public disclosure of service fees in media and sari-sari stores, open access to services for all market players and maintenance of service quality. Mynt and ECPay also pledged to separate IT systems and collaborate with regulators to promote digital payment literacy.

The commitments will take effect upon the deal’s consummation and remain in place for at least three years, which can be extended to five depending on market conditions.

Compliance officer required

To ensure compliance, both firms must appoint a competition compliance officer, and the PCC will name a third-party trustee to monitor adherence.

The PCC’s Mergers and Acquisitions Office had flagged risks of anti-competitive behavior in over-the-counter payments, platform access and potential data-driven foreclosure, which could adversely affect rivals.

Mynt, the operator of mobile wallet GCash, will acquire 100 percent of ECPay shares from Globe Telecom Inc. and Payment One Inc. ECPay operates a large network of partner outlets nationwide, offering digital payment and over-the-counter services.

The commitments were formalized in an Undertaking signed on 13 May 2025, by representatives from both Mynt and ECPay.

“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.