GrabPay will charge a convenience fee
8 May 2022
GrabPay will charge a convenience fee for most cash-in transactions next month as the country recovers from the effects of the COVID-19 outbreak.
GrabPay will charge cash-in transactions performed at 7-Eleven stores will be subject to an additional two percent convenience fee starting June 6, according to the electronic money issuer.
Every GrabPay cash-in transaction conducted through over-the-counter establishments such as SM Business Center, Robinsons Department Store, Cebuana Lhuillier, M. Lhuillier, Palawan Pawnshop, and RD Pawnshop would be charged a P15 convenience fee.
Users can still deposit money into their GrabPay wallet for free by adding their BDO, Bank of the Philippines Islands (BPI), or Union Bank of the Philippines bank accounts to their wallet, according to the business.
Paying with GrabPay makes everything easier and more convenient, from rides to food deliveries, in-store purchases, and online shopping.
The Bangko Sentral ng Pilipinas (BSP) granted Grab, through GPay Network Philippines Inc., permission to operate as an electronic money issuer in August 2018.
The GrabPay wallet is operated by GPay Network.
Users could fill up their GrabPay credits through driver partners, banks, and payment centers, as well as credit or debit cards, making it easier and more convenient for passengers who wish to go cashless with GrabPay. They can use their GrabRewards points to get even more discounts and freebies.
The BSP imposed a two-year freeze on the issuance of non-bank EMI licenses on Dec. 16.
The Monetary Board of the central bank approved policy measures in handling non-bank applications to operate as EMI-others in November to ensure that the bank’s resources are managed and mobilized judiciously in a way that promotes financial stability and inclusive growth while also advancing the development of innovative electronic money solutions with strong value propositions.
Interested new non-bank EMI applicants with proposals involving new business models, unserved, targeted niches, and new technologies could request an exception under the Test-and-Learn or Regulatory Sandbox framework to allow entities that offer strong value propositions to participate in the digital payments and financial ecosystem.
By 2023, the BSP hopes to transfer 50 percent of total retail transactions to electronic channels and boost the number of Filipino adults with bank accounts to 70 percent, according to its Digital Payments Transformation Roadmap.
