Singapore-based ride-hailing company Grab has reportedly secured an e-money license for mobile wallet service in the Philippines. This news comes just a few months after Grab announced it has teamed up with Malayan Banking Bhd (Maybank) to launch a new cashless payment method known as the GrabPay mobile wallet.
Founded in 2012, Grab began as a taxi-hailing app and has extended its product platform to include private car services (GrabCar & GrabShare), motorcycle taxis (GrabBike), social carpooling (GrabHitch), last mile delivery (GrabExpress & GrabFood), bus & shuttle services (GrabCoach & GrabShuttle), cycling services (GrabCycle), an ideas incubator (GrabVentures), as well as a fintech platform (GrabPay, GrabRewards, GrabBenefits, Loans and Lending Services, Insurance).
“We are focused on pioneering new commuting and payment alternatives for drivers and passengers with an emphasis on speed, safety, and reliability.”
According to Dealstreet Asia, The Philippines is the fifth country in Southeast Asia that will have a full suite of GrabPay mobile wallet services available. Thanks to the license, Grab users will not only be able to use GrabPay for rides and express delivery but a number of additional payments services. Ooi Huey Tyng, Managing Director of GrabPay Malaysia, reportedly stated:
“The convenience of Grab’s many services and the millions of customers already using the Grab app every day, make us confident about the GrabPay wallet’s prospects. With the support from Bangko Sentral ng Pilipinas, we can now help millions participate in the cashless, digital economy without the need for a bank account or to download additional apps.”