GrabPay, SM join hands to bring more convenience to Filipino consumers
Starting 2019, consumers can use GrabPay to pay for goods and services, and load their mobile wallet from SM group’s market-leading merchant and banking network
Partnership strengthens GrabPay’s position as the Everyday Wallet for the Everyday App
SM pushes for digital innovation in retail and joins GrabPay in supporting BSP’s vision of transitioning 20% of all transactions into cashless by 2020
SM and GrabPay will offer greater convenience to their consumers. Grab users can soon load their GrabPay mobile wallet directly from BDO bank accounts, BDO ATMs, SM Business Centers and 2GO’s retail network. Consumers can soon top-up their GrabPay wallet all across the Philippines, with these new top-up channels adding to a rapidly growing network that includes banks, convenience stores, cards and wallets, and driver-partners.
Greater benefits to both customer bases: Dedicated Green Lanes will also be set-up for GrabPay users in SM establishments. These are express checkout counters that will allow GrabPay users to skip the regular payment queues.
“Our vision as the everyday wallet for the everyday app is to expand cashless opportunities to more Filipinos and Southeast Asians. This partnership calls to attention the size of the opportunity Grab’s ASEAN-wide user base offers, even to leading conglomerates and financial institutions like SM and BDO. We are confident that by combining the strengths of Grab’s fintech platform with SM’s extensive network of merchant partners and establishments, we can drive financial inclusion for millions of unbanked Filipinos,” said Ooi Huey Tyng, Managing Director of GrabPay Malaysia, Singapore and the Philippines.
“SM is committed to applying digital innovations in its businesses. We are mindful of the evolving online-to-offline landscape especially in retail and continue to branch into new solutions that will unlock more benefits to our consumers. We are delighted to partner with GrabPay as they share the vision of using technology to offer more convenience to customers,” SMIC President and CEO Frederic C. DyBuncio added.
GrabPay and SM support the goal of Bangko Sentral ng Pilipinas in transitioning 20% of all transactions into cashless by 2020. According to the Bangko Sentral ng Pilipinas (BSP), e-payment transactions account for only one percent, the wider base is cash-based.
GrabPay, following the approval by BSP of its application to become an e-money issuer in the Philippines in August, is now on its way to rapidly expand its cashless services in the Philippines. GrabPay earlier announced its mobile prepaid top-up feature in partnership with local telco companies.
Grab and SM ink partnership to rapidly expand GrabPay in the Philippines and help support Bangko Sentral ng Pilipinas’ (BSP) vision in the migration to cashless transactions (L-R: Grab Philippines Head Brian Cu, GrabPay Managing Director for Singapore, Malaysia, and the Philippines Ooi Huey Tyng, SM Investments Corporation President and CEO Frederic DyBuncio, SM Engineering Design & Development Corp. President Hans "Chico" Sy Jr., and SM Retail Assistant Vice President Mara Sy Coson)
With the partnership, soon, Grab users can use their GrabPay wallet to pay for shopping items, grocery supplies, cinema tickets and other goods and services from offline SM stores and BDO’s merchant network; load GrabPay mobile wallet directly from BDO bank accounts, BDO ATMs, SM Business Centers, 2GO’s retail network; and enjoy dedicated Green Lanes in SM establishments. (L-R: Grab Philippines Head Brian Cu, GrabPay Managing Director for Singapore, Malaysia, and the Philippines Ooi Huey Tyng, SM Investments Corporation President and CEO Frederic DyBuncio, SM Retail Assistant Vice President Mara Sy Coson, and SM Engineering Design & Development Corp. President Hans "Chico" Sy Jr.)
Grab is one of the most frequently used Online-to-Offline (O2O) mobile platforms in Southeast Asia, providing the everyday services that matter most to consumers. Commute, eat, deliver shopping - and pay with one e-wallet. Grab believes that every Southeast Asian should benefit from the digital economy, and the company provides access to safe and affordable transport, food and package delivery, mobile payments and financial services. Grab currently offers services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia. For more information, please visit www.grab.com.
About SM Investments Corporation
SM Investments Corporation is a leading Philippine company that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
SM’s retail operations are the country’s largest and most diversified with its food, non-food and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank and China Banking Corporation, the 7th largest bank. For more about SM, visit www.sminvestments.com