GrabPay announced today the introduction of instant fund transfers in the Philippines within its e-wallet. GrabPay users can now instantly cash into their GrabPay Wallet by directly transferring from their bank accounts or e-wallets GrabPay users can also transfer funds from their GrabPay Wallets to any bank account or e-wallet July.
The introduction of this feature enables its users to 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.
“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 the 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.
“InstaPay was launched as one of the efforts of the National Retail Payment System to establish a safe and reliable electronic retail payment 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.
GrabPay continues to double down on its efforts to provide cashless convenience and safer payments to more Filipinos— from the expansion of online payment acceptance channels within and outside the Grab app, the launch of the digital-first GrabPay Card, and now to the new partnership with InstaPay, 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.
