Grab Turns Into A Digital Payments Company

Grab Turns Into A Digital Payments Company

Grab, a company known for rivaling Uber in Southeast Asia, is also becoming a financial technology company.

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Grab, a company known for rivaling Uber in Southeast Asia, is also becoming a financial technology company.

The company has recently received $2 billion of new financing from investors Didi Chuxing and SoftBank. Shortly after getting the money, the company rolled out support for its GrabPay service among third-party merchants for the first time at the beginning of November this year.

The online media reported previously about the Grab`s plans to develop a payments platform last year. Now GrabPay has been introduced as a wallet available in Singapore.

The new feature is focusing on Singapore`s merchants in restaurants and shops, as well as local neighbourhoods. The plan is that Grab`s newly launched product will be rolled out to 1,000 merchans in the country by the end of the year. Expanding outside Singapore, Grab will introduce the GrabPay wallet across Southeast Asia in 2018, as stated in their official press release.

Singapore has been popular as a leading technology hub. The country is also pushing towards becoming a Smart Nation, and thus may be interested in the services that Grab wants to offer, as Tan Hooi Ling, Co-Founder of Grab, explained.

“We’re focused on helping cash businesses go cashless, giving them access to new customers in an affordable way.”, he added, while saying that Grab payments in shops and restaurants can be described as a step forward when it comes to becoming the largest consumer internet platform in the region.

Listing the benefits of their product, Grab mentioned conveniece, security, low cost, and more customers for merchants, while citing convenience, rewards, and security as the main advantages for consumers.

The GrabPay paltform is also able to work with QR-code-based mobile payments systems that are available in Singapore, as the company wrote.

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