SM Investments Corporation is partnering with Asia’s leading online platform Grab to provide Filipino consumers the convenience of digital transactions starting 2019.
GrabPay users can soon pay for goods and services, and load their mobile wallet from SM group’s market-leading merchant and banking network. The partnership supports the Bangko Sentral sa Pilipinas vision of transitioning 20% of all transactions into cashless by 2020.
The partners will collaborate in three broad areas:
- Universal acceptance of the GrabPay wallet: Soon, Grab users can use their GrabPay wallet to pay for shopping items, grocery supplies, cinema tickets and other goods and services from offline stores such as The SM STORE, SM Supermarket, SM Cinema and other partners that are part of SM’s and BDO’s extensive merchant network.
- SM and GrabPay will offer greater convenience to their consumers. Grab users can soon load their GrabPay mobile wallet directly from BDO bank accounts, BDO ATMs, SM Business Centers and 2GO’s retail network. Consumers can soon top-up their GrabPay wallet all across the Philippines.
- Greater benefits to both customer bases: Dedicated 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.
“Our vision as the everyday wallet for the everyday app is to expand cashless opportunities to more Filipinos and Southeast Asians,” said Ooi Huey Tyng, Managing Director of GrabPay Malaysia, Singapore and the Philippines.
SMIC President and CEO Frederic C. DyBuncio added, “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.”
The strategic partnership combines the strengths of Grab’s large user base and tech platform with SM’s broad portfolio of flagship shopping malls, banks and merchant-partners nationwide currently with over 70 malls and more than 2,200 stores with an extensive merchant network.
