July 14, 2020 – Manila Philippines — Staying true to its commitment to provide convenient and safer payments, Grab, the leading everyday app in Southeast Asia beefs 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.
With the rising need for cashless solutions brought by the COVID-19 pandemic, GrabPay continues to double down on its efforts to provide cashless convenience and safer payments to more Filipinos— from 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 transfer of Philippine peso funds instantly between accounts of banks and e-wallets in the country.
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.
With the many benefits from the partnership between GrabPay and InstaPay, Filipinos can seamlessly adapt to a cashless lifestyle.
- Secure: No card or bank details are saved in our app when you use your banking app or e-wallet.
- Real time: No need to wait. Simply cash in to your wallet with just a few taps on your phone and the amount will reflect on your account immediately. InstaPay is also available 24/7.
- Widely accepted: Cash in from over 40 banking apps/websites & e-wallets and use to pay for Grab services or at online sites like Zalora, ShopSM, and more, and stores that accept GrabPay such as SM Malls, Starbucks, Healthy Options, etc.
- Convenient: Save GrabPay as a transfer template in your banking or e-wallet app where possible.
“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 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 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,” said Aristeo Zafra, Jr., CEO of InstaPay clearing switch operator.
The process is quick and easy.
Cash in from your bank or e-wallet
- Launch your mobile banking or e-wallet app and initiate a Transfer
- Select GrabPay from the list of banks/e-wallets to transfer to
- Key in necessary information to complete the transaction
Cash out from the Grab app to your bank or e-wallet
- Launch the Grab App and tap “Payment”
- Tap “GrabPay Wallet”
- Tap “Transfer” and select your bank account or e-wallet
- Input necessary details to complete the transaction
Enjoy secure cashless convenience with GrabPay! For more information, visit https://www.grab.com/ph/pay/.