Grab Delivers a Cashless Ride Experience with GrabPay Credits
Grab today launched GrabPay Credits, which delivers a new cashless stored value option allowing top-ups via a variety of widely available local funding sources to its GrabPay in-app mobile payment solution.
GrabPay Credits now allows everyone in Southeast Asia to experience the convenience of cashless payments for a more seamless ride experience by easily topping up their balance through local banks, ATMs and stores. Launching first in Indonesia and Singapore, GrabPay Credits will be available in all remaining countries across Southeast Asia in the near future.
“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. Grab wants to be the region’s leading payments platform and we believe we are uniquely well positioned to do so, as we are one of the most frequently used mobile platforms with up to 1.5 million daily bookings. Since launching GrabPay in January 2016, the convenience of cashless rides has been winning over more customers, as seen by our continuous double digit growth, month-on-month. Grab is built on providing accessibility and safety to everyone, which has spurred our interest in offering GrabPay Credits to allow everyone, everywhere, the convenience of going cashless for more seamless rides,” said Tan Hooi Ling, Co-founder of Grab.
In Singapore, customers can purchase top-ups for GrabPay Credits using American Express, China Union Pay, MasterCard and Visa. In all other remaining countries where credit and debit cards are less prevalent, customers can top-up online or at numerous top-up locations.
GrabPay Credits can be purchased at fixed denominations of S$20, S$50 and S$100 or a variable amount between S$10 to S$999. For safety and compliance reasons, GrabPay Credits may only be used for Grab rides from the country of purchase.
Lim Kell Jay, Head of Grab Singapore, said, “GrabPay Credits is an important milestone of our payment strategy to enable safe, accessible, instant commerce to everyone. We will continue to invest in GrabPay so passengers in Singapore can look forward to more payment methods and other local funding sources being added to GrabPay Credits. As the leading ride-hailing platform, Grab intends to play a role in accelerating Singapore’s move to become an ‘e-payments society’.”
“Through 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. GrabPay now makes cashless payments available to almost everyone in Southeast Asia. We intend to continue building hyperlocal services region-wide, by Southeast Asians, for Southeast Asia,” continued Tan.