The crypto world is often described as a rollercoaster – you can never truly know its next move. You peer into the SGCrypto subreddit, and you’ll see a slew of information (and calls for help). However, Grab, the renowned ride-hailing and food delivery service, seems to be on top of the crypto game as they launch a new payment feature.
Topping-Up with Cryptocurrency
Good news for Grab users. For those of us who use their GrabPay e-wallet feature to make payments on their app for food delivery or transport, you now have another top-up option.
In fact, you have five.
Grab had partnered up with Triple-A, a local cryptocurrency payment firm, to allow Grab users in Singapore to top-up their e-wallets using digital tokens.
The GrapPay feature supports top-up payments through 5 crypto coins:
- Bitcoin
- Ethereum
- USDC (a stablecoin backed by the United States Dollar)
- USDT (a stablecoin also known as Tether)
- XSGD (a blockchain-powered stablecoin linked to the Singapore dollar)
To those who are unaware of what stablecoins are, they are a form of cryptocurrency that is seen as more stable because they are pegged one-to-one with another currency (typically the USD), another commodity or another financial instrument. They are designed to maintain a fixed value.
Meanwhile, Bitcoin and Ethereum are digital currencies that are traded through online exchanges and they are not issued or regulated by one central institution.
Expanding Payment Options
According to The Straits Times, topping-up with crypto was launched pm 12 Mar 2024, and it was aimed at easing cryptocurrency transactions, especially for those who own digital currencies, for their everyday needs on the Grab App.
This is possible because Triple-A is licensed in Singapore and can handle instant conversion of crypto into dollars with bank settlements.
Grab chimed in too, stating that this feature can potentially help everyone who uses the Grab App. Grab aims to lower the cost of transactions and ensure that its system is more secure with tighter fraud control.
Grab has been consistently seeking to improve their payment systems by making it more inclusive and seamless. in 2019, Grab also partnered with Mastercard on the numberless GrabPay card, making it the first in Asia.
In Sept 2023, Grab announced that Circle Internet Financial, a global payments firm, has partnered with them to test out the Web3 Wallet.
Web3 Wallet allows users to set up a blockchain-enabled wallet that can hold digital assets. Furthermore, they can earn rewards, collectibles and use non-fungible token (NFT) vouchers.
The increased normalisation of cryptocurrency in everyday transactions in Singapore has made Singapore a booming financial technology (fintech) attraction. With Singaporeans spending the most on Grab, compared to Indonesia, Thailand and the Philippines, we can look forward to more unique features.
There’s no excuse to not be using the Grab App.