Grab launches e-money service GrabPay Credits
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Ride-hailing app operator Grab has expanded into the e-money business in Southeast Asia.
Singapore-based Grab this week unveiled a cashless mobile payment service called GrabPay Credits, which lets consumers store cash credits on its smartphone app.
Singapore and Indonesia will be the initial test markets before the concept is rolled out in Malaysia, Thailand, Vietnam and the Philippines where Grabn operates its ride hailing app.
Users will be able to top up their accounts at convenience stores or using ATMs by partner banks.
“Working with local banks, payment providers and merchants, Grab is building one of the region’s largest cashless payment solutions for people with limited access to the banking system,” said Tan Hooi Ling, co-founder of the startup.
GrabPay considers the move into finance as a natural extension of its ride-hailing service, making it easier and safer for customers to pay for rides and eliminating cash.
Questions & Answers
Q.Which countries will be the first to trial GrabPay Credits?
Which countries will be the first to trial GrabPay Credits?
Singapore and Indonesia are the initial test markets for GrabPay Credits. Following this trial, Grab plans to roll out the service in Malaysia, Thailand, Vietnam, and the Philippines.
Q.How can users add funds to their GrabPay Credits accounts?
How can users add funds to their GrabPay Credits accounts?
Users can top up their GrabPay Credits accounts at convenience stores. They also have the option to add funds using ATMs provided by Grab's partner banks.
Q.Why does Grab see e-money as a natural progression for its business?
Why does Grab see e-money as a natural progression for its business?
Grab views the move into e-money as a natural extension of its ride-hailing service. It aims to make paying for rides easier and safer for customers, while also helping to eliminate cash transactions.