World debut for GrabPay e-wallet in Singapore
Grab plans to work with more than 1000 retailers in Singapore as it expands its business base from its ride-hailing app into e-payments, via GrabPay.
The company has already expanded its payment services from allowing passengers to use GrabPay instead of cash when riding in Grab cars and taxis to letting friends and family members transfer cash to each other.
Now it wants customers to buy goods, book cinema tickets and order food using the app.
GrabPay chief Jason Thompson told the Straits Times that its primary target is hawker stalls and small retailers who do not currently accept cashless payments.
“Rolling out peer-to-peer transfer first makes it easier for consumers. First, I am able to pay someone I trust, and the next step is paying a merchant with the same steps,” he said.
“Our wallets already exist in Singapore and are already being used everyday here. We’re just allowing them to use it more,” he said.
Singapore will be the first country in which GrabPay will operate outside its own ecosystem. Payments will be facilitated by customers scanning QR codes on their mobile devices.