What Happens If You Don't Register Your SIM Card?
You will lose even access to your e-wallets.
(SPOT.ph) Failure to register will result in the automatic deactivation of SIM cards, but did you know you can also lose access to cashless and contactless funds from the convenience of your phone?
You read that right: You will lose access to online banking apps and e-wallets that are linked to your number if you refuse or fail to register your SIM card by April 26.
Number deactivation will mean no sending and receiving texts, no incoming and outgoing calls, and no data usage from telecommunication providers. In addition, remaining load balances for unregistered SIM cards will be forfeited.
But why are online banking and mobile e-wallet apps impacted?
Also read: GUIDE: How to Register Your SIM Card
No SIM registration, no access to online banking and e-wallets
You will no longer be able to receive the one-time password (OTP) required to make transactions in online banking apps if your mobile number has been deactivated. You won't be able to log into your e-wallet accounts like GCash and Maya without a working mobile number, either.
Large purchases made to credit cards will also require OTPs to confirm the transaction, which will no longer be doable if the linked mobile number to the card is not recognized.
It’s a warning that the Bangko Sentral ng Pilipinas has been issuing since January.
“The deactivation may cause unnecessary interruptions in the access and use of electronic payments and financial services, such as hindering the generation of one-time password for access and transaction authorization, and the issuance of advisories and transaction alerts,” BSP Deputy Governor Mamerto Tangonan was quoted as saying by PhilStar.
Those who refuse or fail to register SIM cards will also face the following fines:
- First offense: Fine of no less than P100,000 but not more than P300,000
- Second offense: Fine of no less than P300,000 but not more than P500,000
- Third and subsequent offense: Fine of no less than P500,000 but not more than P1,000,000 for every offense thereof
Make sure to register by April 26 as the Department of Information and Communications Technology previously said it has no plans to extend the SIM registration. In the case they do end up extending the deadline, it will only be for a period not exceeding 120 days under the SIM Registration Law.
Also read: Can't Register Your SIM Online? There Are 15 Pilot Sites for Assisted Registration