Grab secures e-money license from the BSP for mobile wallet GrabPay

ABS-CBN News

Posted at Sep 27 2018 07:40 PM

GrabPay logo photographed at Grab's regional headquarters in Singapore. Jessica Fenol, ABS-CBN News

MANILA - Grab Philippines on Thursday said it has secured an e-money license from the Bangko Sentral ng Pilipinas (BSP) for the expansion of its mobile wallet service GrabPay.

In a statement, Grab said it will soon offer new services such as prepaid top-up, bills payment and in-store and in-restaurant purchases to help millions of Filipinos participate in the "cashless economy."

“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,” said Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore, and the Philippines.

Currently, consumers can pay for Grab rides and delivery service through GrabPay.