RIDE-HAILING app Grab Philippines has partnered with payments provider Triple-A and wealth platform PDAX to enable flexible online payments by allowing cryptocurrency top-ups for GrabPay wallets.
“Integrating cryptocurrency as a cash-in option for GrabPay reflects our commitment to advancing financial inclusion in the Philippines,” Grab Philippines Vice-President and Head of Financial Group CJ Lacsican said in a media release on Tuesday.
Currently, Grab Philippines offers several GrabPay cash-in methods, including e-wallets, online banking via InstaPay, linked bank accounts, debit and credit cards, and select convenience stores and business centers.
Through this partnership, users can now top up their GrabPay wallets with cryptocurrencies, including Bitcoin (BTC), Ether (ETH), US dollar-backed stablecoin USDC, and USDT.
This agreement allows safe and secure crypto transactions in line with the growing demand for mobility and delivery services, PDAX said in a statement.
PDAX, a digital assets platform, provides users with access to various digital assets and allows them to buy and sell major cryptocurrencies and invest in tokenized bonds; while Triple-A is a global payment institution licensed in the US, Europe, and Singapore, allowing users to pay and get paid in both local and digital currencies.
“The Philippines has one of the largest crypto user bases globally. Through this partnership, we’re thrilled to offer accessible use cases that will both support the existing crypto community and drive greater adoption of cryptocurrency,” said PDAX Founder and Chief Executive Officer (CEO) Nichel Merlimichael O. Gaba.
According to Triple-A CEO Eric Barbier, the company is now eyeing further expansion of its services in the Philippines as the country’s market is deemed ready for digital currencies.
“This is a big step in making digital currencies easier to use in everyday life across Southeast Asia,” Mr. Barbier said.
Crypto top-ups for Grab e-wallets were first introduced in Singapore last year, PDAX said. It added that the rollout in the Philippines depends on the success of the integration, which has allowed businesses to accept payments in digital currencies. — Ashley Erika O. Jose