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Southeast Asia’s on-demand ride-hailing company, Grab, launched it's e-wallet called GrabPay, that allows users to make payments to hawkers, stores and restaurant.
With a userbase of 4 million people in Singapore, GrabPay can now align itself as a dominant player in cash-based payment solutions that requires no additional payment devices.
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The GrabPay e-wallet is developed following the announcement of its peer-to-peer payments service a month ago and GrabPay Credits, its top-up service, a year ago.
This announcement signifies the company’s evolution from an on-demand ride-hailing platform to one of the fastest growing consumer internet platform in Southeast Asia.
In Singapore, GrabPay's first mission is to service more than 20,000 local business operators who will see immediate benefits from embracing cashless payments. 25 food operators in the Central Business District (CBD) and Bishan area were signed up running up to the official launch of its service.
Now, Grab’s dedicated internal and channel partner sales teams will on-board hundreds of hawkers and small businesses in the coming weeks. The GrabPay service for restaurants and shops will progressively roll out in local neighbourhoods, such as Telok Ayer, Tanjong Pagar, and Tiong Bahru and on-board 1,000 merchants in Singapore by end of year. Beyond Singapore, Grab confirms it will launch the GrabPay wallet across Southeast Asia in 2018.
“Amid Singapore’s push towards a Smart Nation, we are enabling Grab users to pay for services outside of transportation. We’re focused on helping cash businesses go cashless, giving them access to new customers in an affordable way.
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Enabling Grab payments in restaurants and shops is a significant step towards becoming the largest consumer internet platform in Southeast Asia,” said Tan Hooi Ling, Co-Founder of Grab.
Jason Thompson, Managing Director for GrabPay Southeast Asia, adds “Grab is uniquely positioned to build the #1 payments platform in Southeast Asia. With our large base of users already conveniently paying for rides, a rewards programme that keeps more people on the platform, and merchants who are coming on board, we will begin to see GrabPay available everywhere to everyone.”
The GrabPay platform is also designed to be scalable and flexible to work with other QR-code-based mobile payments systems in Singapore, thus facilitating a collective effort to move Singapore towards a cashless society.
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