Grab boosts wallet with InstaPay partnership
Grab is beefing up its GrabPay service as it partners with InstaPay to enable instant transfer of funds.
With the partnership, Grab said its users can now instantly load their GrabPay wallet through local banks’ online banking system and through other e-wallet players.
The firm said funds in GrabPay wallet can also be transferred back instantly to bank accounts and e-wallets for withdrawal.
“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,” GrabPay Philippines head Jonny Bates said.
“Building trust by connecting more digital channels and giving flexibility to move around funds help us break barriers in providing hasslefree transactions for our users. We are glad to be doing this with InstaPay with the oversight of Bangko Sentral ng Pilipinas (BSP),” Bates said.
InstaPay is an electronic fund transfer service that allows transfer of Philippine peso funds instantly between accounts of banks and e-wallets in the country.
With InstaPay, Grab said the need to physically go to payment centers just to cash in to their GrabPay wallet would be eliminated and would enable seamless flow of money from different sources.
With the many benefits from the partnership between GrabPay and InstaPay, the company said Filipinos could seamlessly adapt to a cashless lifestyle.
“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,” said Aristeo Zafra Jr., CEO of InstaPay clearing switch operator.
“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,” Zafra said.
GrabPay continues to bolster efforts to provide cashless convenience and safer payments with the increasing need for cashless solutions due to the COVID-19 pandemic.
Among its recent efforts include the expansion of online payment acceptance channels within and outside the Grab app and the launch of the digital-first GrabPay Card.