Philippines' GrabPay takes a crucial step towards digital asset integration: users can now use cryptocurrencies to top up their e-wallets. This new service, launched in collaboration with Singapore's payment platform Triple-A and local cryptocurrency exchange PDAX, signifies Grab's further expansion into fintech and marks a new phase of practical implementation of cryptocurrencies in the Philippines.
The new feature supports mainstream digital assets such as Bitcoin (BTC), Ethereum (ETH), and stablecoins USDT and USDC, allowing users to exchange them for Philippine pesos to recharge their GrabPay accounts. After its successful launch in Singapore in 2024, this service has now reached the Philippines, where there is a high acceptance of cryptocurrencies.
Eric Barbier, CEO of Triple-A, stated: "The awareness and acceptance of digital assets among Filipino users are extremely high. This expansion is a positive response to the potential of the Southeast Asian market."
In terms of operation, users simply need to select "Cryptocurrency" as the recharge option in the GrabPay App, choose the currency and network, set the exchange amount, and send the equivalent digital assets to the specified address, completing the recharge in seconds. The entire process is convenient and fast, fitting the growing cryptocurrency usage habits in Southeast Asia.
As Grab's local cryptocurrency trading partner, PDAX holds a license from the Central Bank of the Philippines (BSP). Its CEO, Nichel Gaba, noted: "The Philippines is one of the markets with the most active cryptocurrency users globally, and the launch of this feature helps integrate digital assets into everyday payment scenarios."
CJ Lacsican, Vice President of Grab's Financial Group in the Philippines, emphasized that this new feature is particularly suitable for the unbanked population, further promoting financial inclusion: "The cryptocurrency recharge option is a crucial part of our strategy to digitize and expand our service coverage."
Currently, GrabPay supports local e-wallets, bank cards, InstaPay, bank accounts, and offline counters as recharge methods. With the addition of the cryptocurrency recharge option, Grab is taking a key step towards building a comprehensive digital financial ecosystem in Southeast Asia.
