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.