Ride-hailing app Grab said users of its GrabPay e-wallet can now directly transfer funds from their bank accounts via InstaPay.
InstaPay is an electronic fund transfer (EFT) service put up by the Bangko Sentral ng Pilipinas (BSP) that allows transfer of Philippine peso funds instantly between accounts of banks and e-wallets in the country.
With InstaPay, users can instantly and conveniently transfer funds from BSP-supervised banks and e-wallets to their GrabPay account, connecting more digital channels, and eliminating the need to physically go to payment centers just to cash in to their GrabPay wallet.
Grab users can also transfer available funds from their GrabPay wallet to their bank accounts and e-wallets, allowing seamless flow of money from different sources.
“We are constantly looking for ways to improve our services to stay true to our commitment of providing Filipinos safer and convenient ways to perform digital transactions. Building trust by connecting more digital channels and giving flexibility to move around funds help us break barriers in providing hassle-free transactions for our users. We are glad to be doing this with InstaPay with the oversight of BSP,” said Jonny Bates, head of GrabPay Philippines.
“InstaPay was launched as one of the efforts of the National Retail Payment System to establish a safe and reliable electronic retail payments system in the Philippines. With Grab and its services playing a huge role in Filipinos’ daily lives — especially during this pandemic — we know GrabPay’s integration with InstaPay will make everyday transactions much more convenient and accessible for Filipinos,” said Aristeo Zafra Jr., CEO of InstaPay clearing switch operator.
Cash in from your bank or e-wallet
- Launch your mobile banking or e-wallet app and initiate a Transfer
- Select GrabPay from the list of banks/e-wallets to transfer to
- Key in necessary information to complete the transaction
Cash out from the Grab app to your bank or e-wallet
- Launch the Grab App and tap “Payment”
- Tap “GrabPay Wallet”
- Tap “Transfer” and select your bank account or e-wallet
- Input necessary details to complete the transaction