Tagcash WalletGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
App Description from Google Play
Tagcash is a Fintech enabled super app, with the ability for companies to white label it in a modular way.
Use Fiat currency (PHP only at the moment), create closed loop currencies for rewards and points, or use the non custodial cryptocurrency wallet to handle Bitcoin, Ethereum ERC20 and Stellar Tokens.
App information from the website
In Philippines, Tagcash holds an Electronic Money Issuer Central Bank license, which allows deposits, transfers via the banking system (Pesonet and Instapay) and agent network (Remittance partners, 7/11 and other agents). Within the Wallet, you can convert Bitcoin to PHP and PHP to Bitcoin.
We installed the app and the verification email had a table detailing their verification tiers. Getting upgraded gives the user additional cash out limits, etc. The app was not working optimally, as it was not loading. However, the web equivalent worked, and there we saw a BTC wallet generated that can receive and options to send.
However, we were not able to find the option to backup the private keys.
Despite the app claiming in its Google Play description that it was non-custodial, we doubt that assertion. We assume that this is a custodial provider because of the verification, limits and lack of options to backup or restore the private keys. We confirmed it with their tech support through chat. They claimed that it was a ‘custodial service.’ The app is not verifiable.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.