Ride-sharing firm Grab announced on Thursday, September 27, that it will rapidly expand the GrabPay mobile wallet in the Philippines.
The announcement comes after Grab received the e-money license from Bangko Sentral ng Pilipinas. With the e-money license, Grab consumers in the near future will not only be able to use GrabPay for rides and express delivery, but a number of additional payments services.
The Philippines is the 5th country in Southeast Asia where the full suite of GrabPay mobile wallet services becomes available.
?The Philippines has one of the highest percentages of people in Southeast Asia who do not have a bank account and who transact in cash. We believe Grab, an everyday app available on 1 in 2 smartphones in the Philippines can make a difference where other e-wallets have not been able to so far,? said Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore, and the Philippines.
?With the support from Bangko Sentral ng Pilipinas, we can now help millions participate in the cashless, digital economy without the need for a bank account or to download additional apps,?
According to statistics from the BSP, more than 98% of transactions in the Philippines still happen in cash, whereas 86% of people remain unbanked. Cash handling and services also cost millions of pesos a year to the banking industry.
Grab has announced a number of new features besides its existing payments functions for ordering rides, express delivery, and peer-to-peer credit transfer. Starting immediately, Grab users will be able to top up their prepaid SIMs from the Grab app, and soon, order food, pay their bills and purchases from their favorite stores and restaurants.
As with rides, new services may help customers earn points with GrabRewards with offers from top brand partners such as SM Cinema, Cebu Pacific, McDonalds, and Globe Telecom. Major merchants, restaurant partners and small businesses will also be able to receive mobile payments with GrabPay?s QR technology.
Grab said it believes its large customer base of millions of driver-partners and consumers across the Philippines will help to incentivise the adoption of mobile payments among merchants. The GrabPay mobile wallet is built into the Grab app and offers a low-entry barrier to secure cashless payment options for both consumers and merchants.
Filipino Grab users will soon be able to experience the new Grab Superapp. This will allow quick access to the GrabPay wallet, easy navigation to all Grab services, and personalized news feed.
The new face of the app features a news feed that is localized, useful, and informative. Featuring news, reviews and entertainment, Grab consumers can see nearby restaurants recommendations, play games, and get exclusive deals from shops.