Grab, the leading everyday app in Southeast Asia is beefing up its GrabPay service by allowing seamless and real-time tracking of cash-in and cash out transactions to and from the GrabPay wallet, powered by InstaPay.
“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,” Jonny Bates, head of GrabPay Philippines said.
“ 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),” he added.
Aristeo Zafra, Jr., chief executive of InstaPay clearing switch operator said 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,” he added.
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.