Grab, ride-hailing app operator has expanded into the e-money business in Southeast Asia. Singapore-based Grab recently 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 pilot markets before the concept is rolled out in Malaysia, Thailand, Vietnam and the Philippines, where Grab operates its ride hailing app.
Users will be able to recharge their accounts at convenience stores or using ATMs by partner banks.
Tan Hooi Ling, co-founder of the startup said, “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.”
With a view of making payment options easy for customers, GrabPay considers the move into finance as a natural extension of its ride-hailing service.