By Mayvelin U. Caraballo, September 28 2018; The Manila Times
Image Credit to ABS-CBN News
GRAB plays a significant role in electronic payment penetration in the Philippines following the expansion of its mobile wallet—GrabPay—in the country, an official of the ride-hailing company claimed.
At the sidelines of the Seamless Philippines conference in Pasay City on Thursday, Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore and the Philippines, said “20 percent of the transactions that pass through Grab platform in the Philippines is already cashless.”
Citing central bank statistics, she said more than 98 percent of transactions in the country were cash-based, while 86 percent of people remain unbanked.
“We believe Grab…can make a difference where other e-wallets have not been able to so far,” Ooi said.
Her remarks came after GrabPay announced that it would expand in the country after the Bangko Sentral ng Pilipinas granted it an e-money issuer license.
Grab consumers would soon benefit from a full-pledged, safe and convenient mobile wallet, without having to exit the app, according to Ooi.
Its new features include top-up for prepaid subscriber identity module (SIM) cards, food deliveries, bill payments, and the ability to buy from stores and restaurants through the app.