Grab Philippines has received a government Electronic Money Issuers’ (EMI) license from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. The EMI license will allow Grab to expand its payment offerings in the Philippines.
Grab users in the Philippines can already use the GrabPay mobile wallet to pay for ride-hailing trips with the company, use its local express delivery service, and transfer Grab’s in-app credits to other users. The company says its will offer on-demand food delivery in the Philippines and that customers will be able to pay for the service with the app.
After receiving its EMI license from the BSP, Grab will be able to introduce a range of other payments services and options, including topping-up their mobile phone credit with the Grab app.
GrabPay will also introduce bill payments in the coming weeks and plans to make the app available as a payment option at third-party merchants, who’ll be able to accept GrabPay mobile payments via QR code.
With the Philippine EMI license, Grab now offers licensed payments services across five Southeast Asian countries. In some jurisdictions, it has formed joint ventures or created partnerships to acquire the regulatory approvals needed to operate its EMI services.
|| Grab offers payments-related services under the license held by Ovo, its joint venture with local conglomerate Lippo.
|| Grab obtained a license in Malaysia in Dec. 2017 and actively works with Maybank to reach the bank’s customers and merchant partners.
|| In November 2017 GrabPay cashless payments debuted at retailers, hawker centers and other merchants in Singapore.
||Grab teamed up with Vietnamese payments startup Moca to expand GrabPay’s presence in the country|
The company recently signaled its intention to provide enhanced financial services via the GrabPay platform, including peer-to-peer lending and cross-border remittances. As the company’s operations continue to expand it will also add EMI services in other countries throughout the region.