Cryptocurrency has officially become a payment method in the Grab app in the Philippines, allowing users to top up their GrabPay wallet with Bitcoin, Ethereum, USDC, and USDT.
This new feature expands financial capabilities for millions of users, especially those who have not yet accessed traditional banking services, helping cryptocurrency become more practical in daily life.
- Grab expands GrabPay wallet top-up feature with cryptocurrency to the Philippines, following success in Singapore.
- Collaborating with reputable financial partners to ensure transaction safety and legal compliance.
- Enhancing comprehensive financial inclusion, facilitating participation in the digital ecosystem for those without traditional banking.
How did Grab introduce cryptocurrency to the Philippine market?
Grab first tested cryptocurrency wallet top-up features in Singapore last year, creating a positive response, and decided to expand to the Philippines, a country with over 112 million people and the largest cryptocurrency user base in the world.
The expansion is based on a collaboration between Grab, digital payment company Triple-A, and local exchange PDAX. The three parties commit to transaction security while strictly adhering to regulations from MAS (Singapore), FinCEN (USA), and the Central Bank of the Philippines (BSP).
Users can now quickly and conveniently convert Bitcoin (BTC), Ethereum (ETH), USDC, and USDT into legal tender in the GrabPay wallet.
Transparency and Credibility in Financial Collaboration
Triple-A is managed by MAS and FinCEN, while PDAX is licensed by BSP, helping to ensure legal and high safety for users. This increases trust when cryptocurrency payments are made on the Grab platform.
Why is Grab focusing on comprehensive financial inclusion in the Philippines?
According to Grab, the goal is not just to apply new technology but to create financial service access opportunities for unbanked user groups. Cryptocurrency is seen as a quick, flexible solution contributing to improving life quality.
Users can easily convert digital value into mobile services like transportation and payments without relying on traditional bank accounts.
"We observed high acceptance in Singapore and believe the Philippines is ready for the next step in cryptocurrency's daily life." – Eric Barbier, CEO Triple-A, 2024
Eric Barbier, CEO Triple-A, statement in 2024
How does cryptocurrency affect daily users?
Grab and its partners positively assess the application of Blockchain technology and cryptocurrency in payments. The convenience helps users, especially those not using traditional banking, increase financial opportunities.
CJ Lacsican, Grab Philippines Vice President, emphasizes: this is a step to promote comprehensive financial inclusion, encouraging people to access modern digital tools in the economy.
"Cryptocurrency payment is a bridge helping unbanked people benefit from the digital economy." – CJ Lacsican, VP Grab Philippines, 2024
CJ Lacsican, Grab Philippines Vice President, 2024
How to top up GrabPay with cryptocurrency?
Users simply open the Grab app and select the 'Cryptocurrencies' section to start the top-up process.
- Choose Token and network to use: BTC, ETH, USDC, or USDT.
- Enter amount in Peso and confirm information.
- Transfer cryptocurrency to the provided wallet address.
- The amount will be immediately added to the GrabPay wallet.
The simple process makes cryptocurrency useful in daily transactions like ride-hailing or service payments.
Frequently Asked Questions
Which cryptocurrencies are supported for GrabPay wallet top-up in the Philippines?
Grab supports BTC, ETH, USDC, and USDT, ensuring diverse choices with popular and stable Tokens in the market.
Does Grab ensure safety in cryptocurrency transactions?
Safety is ensured through partners Triple-A and PDAX, both licensed and complying with strict international and local standards.
Can people without bank accounts use this feature?
Absolutely, the feature leverages cryptocurrency to help them access financial services and Grab utilities more easily.
What can funds in the GrabPay wallet be used for?
Wallet balance can be used to book rides, pay for Grab services, or convert to cash through supporting partners.
Does the top-up process take much time?
Cryptocurrency is topped up to the wallet almost instantly, very suitable for quick daily transaction needs.
