Grab Launches New Digital Payment Option – GrabPay

Grab Launches New Digital Payment Option – GrabPay

The Southeast Asian ride-hailing company Grab said users can now use its GrabPay mobile wallet to purchase goods and services. The service is currently available in Singapore and is expected to be rolled out across Southeast Asia by 2018.

Grab currently has over 63 million mobile app downloads. The company’s co-founder, Tan Hooi Ling, told CNBC currently GrabPay is available only in Singapore, it will be rolled out simultaneously across Southeast Asia by 2018 if the company gets regulatory approvals.

For the time being, 25 restaurants and food stalls in Singapore signed up for GrabPay. The company targets at least a 20,000 odd merchants in Singapore in near feature.

According to Tan, still, merchants have not yet moved to cashless payment options “because it’s difficult and it’s expensive,” she said. She pointed to the various points of sales that are accepted in large supermarkets as an example: Setting up those payment options take time and it’s also expensive because there is a need to put in the right hardware and to train people.

“What we’re providing is the complete opposite of that: something that is super easy to install, easy to use and something that’s going to be affordable for the merchants, as well as the customers,” Tan said.

How does it work?

  • Inside the Grab app, users tap on the GrabPay button
  • They will scan the QR code displayed at the store, key in the amount due and slide the navigation bar to complete the payment
  • Both the buyer and the seller are then notified of the completed transaction through the Grab app

The mobile wallet top-up available though GrabPay Credits, credit and debit cards, other forms of digital payments such as Alipay and Android pay.