Breaking New Ground: Users Can Now Top Up Grab Pay With Cryptocurrency

March 19, 2024

Following its integration of a Web3 crypto wallet and the introduction of Non-Fungible Token (NFT) guidance last year, Grab, Southeast Asia’s super-app and largest ride-hailing platform, is now extending its reach by enabling users to seamlessly top up their e-wallets with cryptocurrencies.

Currently exclusive to users in Singapore, this latest feature–crypto top-ups in GrabPay Wallet–was rolled out on March 12 and was made possible by Grab’s recent collaboration with the payments firm Triple-A. So far, Grab has introduced five crypto assets such as Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and XSGD, the Singapore dollar-backed stablecoin.

“From arranging deliveries to booking rides or paying for coffee at their nearest shop, digital currency owners in Singapore can now use digital currencies for everyday transactions,” Triple-A said in a statement.

Meanwhile, Grab, in its official statement, announced its collaboration with Triple-A to facilitate the topping up of GrabPay Wallets via digital payment tokens, which represents Grab’s proactive approach to incorporating digital currencies into its payment options. The company has committed to attentively monitoring user adoption rates and adjusting its services to meet the demand for such digital payment solutions.

It’s noteworthy to mention that Grab’s foray into the integration of digital currencies isn’t a new endeavor. The company has been actively exploring the Web3 space for some time. A notable milestone was in September last year when Grab, in collaboration with Circle, unveiled plans to pilot a Web3 wallet within the Grab super app. 

At the time, Grab unveiled a groundbreaking array of features, empowering its users to establish Web3 wallets, acquire rewards through blockchain technology, and facilitate payments via NFTs. Furthermore, Grab forged a strategic partnership with the Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulatory authority, to introduce NFT vouchers. These vouchers were made available at esteemed food venues and for unique experiences, showcasing Grab’s initiative to merge cutting-edge digital currency solutions with everyday consumer transactions.

Last year, Grab also rolled out guidance for wallets and NFTs to ensure that its users will experience a smooth transition into the world of Web3, cryptocurrency, and NFT, signifying that it is not only integrating these latest features but also acknowledging the potential of these emerging technologies.

In June 2023, Grab embarked on an exploratory study in collaboration with the Monetary Authority of Singapore, focusing on the application of three digital assets: tokenized bank deposits, stablecoins, and Central Bank Digital Currencies (CBDCs).

Founded in 2012, Grab’s mission has been to propel Southeast Asia forward by fostering economic empowerment across the region. It has achieved remarkable success, evolving into a premier super-app in Southeast Asia. With a robust user base of over 187 million, spanning more than 500 cities across eight countries in the region.

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