Grab, the Uber's chief competitor in South East Asia, has increased its efforts to put up a payment platform, and this is after it started giving user
Grab, the Uber‘s chief competitor in South East Asia, has increased its efforts to put up a payment platform, and this is after it started giving users the opportunity to store credit inside its app.
Even though this might not seem like a real statement of intent, but to a certain degree, it is a significant move.
The company, which is based in Singapore, revealed somewhere in July that it was going to develop a mobile platform of payment, GrabPlay. This would help it stand out from its rivals and promote a productive engagement from the users. We have previously witnessed such a scenario in India, where Ola, an ally of Grab, typically span its Ola Money service into an independent app. The primary reason behind this is that by providing a place for storing cash for daily payments aid to keep the app sticky, and in emerging markets there is an enormous potential because lots of millions are unbanked while the go-to digital option is usually not available.
An important part of this move is to enable cash to be kept inside the GrabPlay. Grab has started making this a reality for its various users across Singapore and Indonesia. It aims to disperse this feature to its other four remaining markets, including Vietnam, Philipines, Thailand and Malaysia, in a short while.
Debit and credit cards may be used to feed money into the GrabPlay wallet. However, it additionally allows for local ATMs, online markets, over-the-counter at various selected stores and local wallets. The long-term objective as to why Grab is banking on is that it can potentially assemble a very long list of partners, thus making GrabPlay ideal for keeping the people’s money other than just for transportation purposes. For instance, users could be able to pay their water bills and can also pay for some groceries from seven to eleven stores and much more, all thanks to the GrabPlay.
According to Grab co-founder, there is an increasing belief that cashless payments are critical to propelling the Southeast Asia forward, and enhance the well-being of the population as a whole, and speed up the move to an emerging cashless society.
Until earlier this year, Grab did not even allow credit card payments and only accepted cash-only rides and so has resolutely opted for digital payments in 2016. It is critical to note that Grab is not alone in this type of policy. Besides India’s Ola, Go-Jek which a multi-billion dollar service based in Indonesia is equally going after payments in the same niche.
Grab, which has over twenty-four million downloads and a pool of over five hundred thousand drivers will aim for the top stop as the race changes from on-demand cars to digitally enabled payments.