Grab, Uber’s biggest rival in Southeast Asia, has launched a cashless payment method – as the region’s ride-hailing competition continues to heat up.
GrabPay credits allows Grab customers to top-up their balance through local banks, ATMS, stores and online. Launching first in Indonesia and Singapore, it will be available to the rest of the region in the coming weeks.
This is major step in Grab’s continued growth in Southeast Asia. In September, the company, founded four years ago, announced the completion of a $750m (£580m) funding round – which it planned on using to strengthen current operations and to further develop GrabPay.
“We believe mastering cashless payments is critical to our mission of ‘driving Southeast Asia forward’ to improve people’s well-being and accelerate the move to an increasingly cashless society,” said Tan Hooi Ling, co-founder of Grab.
In Singapore, customers will be able to purchase top-ups using American Express, China Union Pay, MasterCard and Visa. In the remaining regions, where only 27 per cent have a bank account and only nine per cent have a credit card, customers can top-up through local ATM networks, online bank transfers, popular e-Money accounts and convenience stores.
GrabPay credits can be purchased in any amount from S$10 (£6) to $999 and can only be used in the country of purchase.