GRAB has struck a partnership deal with SM Investments Corp. (SMIC) to accelerate the growth of digital wallet service GrabPay in the Philippines.
Through the partnership, Grab will be able to expand its e-money service by integrating the platform to SM’s huge network of merchants. Under the partnership, Grab users will be able to use their GrabPay mobile wallets to pay for their retail purchases, food orders, cinema tickets, groceries and even services.
The deal will also allow users to top-up their GrabPay accounts through SM Business Centers, their BDO bank accounts, BDO automated teller machines and through 2GO’s retail network. So-called 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.
These services will be available starting next year.
Ooi Huey Tyng, who sits as managing director of GrabPay for Malaysia, Singapore and the Philippines, said the partnership with the Philippines’s largest retail company will help expand cashless opportunities to more Filipinos.
“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,” she said.
So far, Grab has clocked in 125 million downloads in the region. At home, Grab is present at one in two smartphones with partnerships with over 60 financial institutions.
“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,” SMIC President Frederic C. DyBuncio added.