The Philippine Competition Commission (PCC) has approved Globe Fintech Innovations, Inc.’s (Mynt) P2.31-billion acquisition of Electronic Commerce Payments, Inc. (ECPay), subject to binding voluntary commitments to address competition concerns raised during review.
The competition watchdog said on Friday that 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 keep IT systems separate and collaborate with regulators to promote digital payment literacy.
The commitments will take effect upon consummation of the deal and remain in place for at least three years, extendable to five depending on market conditions.
To ensure compliance, both firms must appoint a Competition Compliance Officer, while a third-party trustee will be named by the PCC 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, adversely affecting rivals.
“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.
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.