GrabPay enables InstaPay-powered instant fund transfers for Filipinos

Source: IBS Intelligence 2020-07-20

Southeast Asia’s Grab, an ‘everyday’ application, has announced that its GrabPay service in the Philippines allows seamless and real-time tracking of cash-in and cash-out transactions to and from the GrabPay wallet. The service is powered by InstaPay. COVID-19 has raised the need for cashless solutions more than ever. GrabPay has mentioned that it continues to double down on its efforts to provide cashless convenience and safer payments to more Filipinos.

“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 Bangko Sentral ng Pilipinas (BSP),” said Jonny Bates, Head of GrabPay Philippines.

GrabPay has stated that it has expanded the online payment acceptance channels within and outside the Grab app, and has launched the digital-first GrabPay Card. InstaPay is an electronic fund transfer (EFT) service that allows the transfer of Philippine peso funds instantly between accounts of banks and e-wallets in the country.

“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.

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, thereby allowing the seamless flow of money from different sources.

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GrabPay enables InstaPay-powered instant fund transfers for Filipinos

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