MANILA, Philippines — GrabPay is set to slap a convenience fee for most cash-in transactions starting next month as more Filipinos embrace digitalization with the country recovering from the impact of the COVID-19 pandemic.
The electronic money issuer said in a statement that GrabPay cash-in transactions made through 7-Eleven stores would be subject to an additional two percent convenience fee starting June 6.
Likewise, a P15 convenience fee would also be applied to every GrabPay cash-in transaction made through over-the-counter stores such as SM Business Center, Robinsons Department Store, Cebuana Lhuillier, M. Lhuillier, Palawan Pawnshop, and RD Pawnshop.
However, the company said users could still cash into their GrabPay wallet free of charge by linking their BDO, Bank of the Philippines Islands (BPI), or Union Bank of the Philippines bank accounts to their wallet.
From rides, food deliveries, in-store purchases and online shopping, paying with GrabPay makes it convenient and hassle-free
In August 2018, the Bangko Sentral ng Pilipinas (BSP) gave the ridesharing operator Grab through GPay Network Philippines Inc. the green light to operate as an electronic money issuer.
GPay Network is the operator of GrabPay wallet.
Aside from making it easier and more convenient for passengers who choose to go cashless with GrabPay, users could load up their GrabPay credits through driver partners, banks, and payment centers as well as credit or debit cards. They can earn GrabRewards points for more deals and freebies.
Last Dec. 16, the BSP imposed a two-year moratorium on the grant of non-bank EMI licenses.
Last November, the central bank’s Monetary Board approved the policy measures in handling applications of non-banks to operate as EMI-others to ensure that its resources are managed and mobilized judiciously in a manner that promotes financial stability and inclusive growth as well as advances the development of innovative electronic money solutions that offer strong value propositions.
To provide a mechanism by which entities that offer strong value propositions may be able to participate in the digital payments and financial ecosystem, interested new non-bank EMI applicants with proposals involving new business models, unserved, targeted niches, and new technologies could request for exception under the Test-and-Learn or Regulatory Sandbox framework.
Under its Digital Payments Transformation Roadmap, the BSP aims to convert 50 percent of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023.