The transaction gives Mitsubishi a 50 percent stake in Ayala’s AC Ventures, which holds major interests in GCash operator G-Xchange Inc. and microlender Fuse Lending. The deal effectively gives Mitsubishi an indirect 6.5 percent stake in GCcash.
Regulators flagged the overlap between Lawson’s QR payment acceptance and GCash’s digital wallet business but found it posed no threat to fair competition.
“While Mitsubishi indirectly owns convenience store chain Lawson Philippines, which accepts QR code-based payments from consumers, the Commission said it has limited presence that the transaction would not result in substantial lessening of competition,” the PCC said.
The review reflects growing regulatory attention on ecosystem deals, even when overlaps, such as QR-based payments in both retail and fintech, are limited.
The watchdog also ruled that the GCash unit holds only a small share in person-to-merchant (P2M) QR payments, and highlighted the government’s drive for interoperability among digital payment platforms.
“The Commission cited in its decision the small market share held by GCash in the provision of QR-based Person-to-Merchant payments, as well as the strong governmental push for interoperability in QR-based payments across the country.”
—Edited by Miguel R. Camus
