Grab Targets Philippines for Rapid Expansion Efforts

After receiving an e-money license from the central bank Bangko Sentral ng Pilipinas (BSP), the online-to-offline (O2O) platform will now target the Philippines for further GrabPay expansion, the company said.

With the Philippines being the fifth country in Southeast Asia to support the full suite of GrabPay products, locals will now benefit from easy, one-stop access to rides, express delivery and a number of payments services.

“The Philippines has one of the highest percentages of people in Southeast Asia who do not have a bank account and who transact in cash. We believe Grab, an everyday app available on 1 in 2 smartphones in the Philippines, can make a difference where other e-wallets have not been able to so far,” said Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore and the Philippines, in the press release.

The company cited statistics from the BSP revealing that more than 99% of transactions in the Philippines still happen in cash, with 86% of locals remaining unbanked.

Also on the table for Grab Philippines is the launch of its Grab Superapp on October 8 – an enhancement to the original app interface where users are given the opportunity for more efficient access to their GrabPay wallet, easier navigation and a personalized newsfeed, according to Business Mirror.

As for what to expect next in their global launch sequence, the Nikkei Asian Review quoted a company spokesperson as saying Grab expects “to be offering payments services in all six core [Association of Southeast Asian Nations member] countries by end of this year.” The sixth market is Thailand, the article said.