GRAB PHILIPPINES (MyTAXI.PH, Inc.) is planning to launch its digital payments platform by the first half of next year.
Grab Philippines public affairs manager Leo Emmanuel Gonzales said the company is planning to roll out GrabPay as a digital payments app to be used for commercial establishments by the first or second quarter.
Last month, the ride-sharing firm launched GrabPay’s in-store and in-restaurant payments feature in its home base — Singapore.
“We’re working already with the central bank, BSP [Bangko Sentral ng Pilipinas], when we get our e-license, we can roll out,” Mr. Gonzales told reporters on the sidelines of a Grab event. “We know it’s going to work here, we have the demand here.”
Currently, Grab offers mobile payment services through top-up service GrabPay Credits and its rewards system, GrabRewards.
GrabPay credits can be loaded in banks and partner establishments.
Users can send credits to anyone who has a Grab account. GrabRewards allow users to earn points for every GrabTaxi, GrabCar, and GrabShare ride. These points can be used to redeem free rides, special discount codes and exclusive deals from Grab’s partners.
Mr. Gonzales said they see an opportunity in the Philippines, where more consumers prefer cash than credit cards.
“The Philippines is basically, mostly, a cash-dependent society. but we believe the way to go forward is cashless,” he said.
Grab seeks to capitalize on its wide user base, with 63 million users across Southeast Asia.
“You can just imagine our client base for Grab, we can start with that, and expand,” Mr. Gonzales said. — P.P.C. Marcelo
