Published August 30, 2017 | View complete press releases list |
Date: August 30, 2017
Categories: Financial Technology, P2P, Payments, retail, technology, Transaction Banking
Keywords: Grab, P2P, Mobile Wallet
Grab, an on-demand transportation and mobile payments platform in Southeast Asia, launched its new peer-to-peer fund transfer feature, to enable consumers to transfer GrabPay Credits to one another. In the coming months, Grab plans to further develop the technology to enable payment for merchant services beyond transportation via GrabPay, Grab’s in-app mobile wallet.
Grab plans to extend the use of GrabPay to merchants, such as those in the F&B, retail and entertainment industries, in Q4 2017. It aims to work with more than 1,000 merchants, and will start by partnering merchants that are currently more heavily dependent on cash, in line with the Singapore government’s push to encourage more consumers and merchants to switch to cashless payments. Singapore is the first country where Grab plans to trial this beyond transportation.
“Every day, over 75% of Grab users in Singapore go cashless and use GrabPay to pay for rides. Grab users are familiar with using mobile payments for daily transactions, via the Grab app. Fund transfer is the first step to expand the use of GrabPay as a mobile wallet. Today, users can transfer money to one another; in the coming months, they can look forward to use GrabPay to buy food or other goods and services from physical shops,” said Jason Thompson, Head of GrabPay, Grab.
He added, “Cashless payments in Singapore is still quite fragmented. Mobile payments is more infrastructure-lite, and as one of the most frequently used consumer apps, we believe Grab can drive mass adoption of mobile payments in Singapore and across Southeast Asia. We have a stake in educating and bringing local communities into the cashless future, and are open to working with public and private sector organisations to enable this.”
The Grab app has been downloaded onto over 55 million mobile devices across Southeast Asia, and merchants can benefit from the increased marketing exposure through the Grab app. Participating merchants can expect to set up GrabPay easily with a QR code, and enjoy lower costs of cashless adoption. With mobile payments, merchants will not incur additional fees such as rental of payment terminals.
Grab also introduced a new six-digit GrabPay PIN as a second factor authentication (2FA) this week to make its GrabPay mobile wallet more secure. Customers with more than $150 worth of credits in their GrabPay account are required to activate the PIN. The Grab app will automatically prompt users to input their pin number when it detects any unusual activities, such as the app being used in a different country.
Peer-to-peer fund transfer with GrabPay
GrabPay Credits is a cashless stored value option offered within the Grab app. With the instant fund transfer feature, consumers can transfer money immediately to another person. Benefits include:
- Immediacy: Fund transfer is instant on Grab. Users can expect to receive payment within seconds.
- Simplicity: A phone number and a Grab app are all that’s needed to make a transfer. There’s no need to memorise and key in a long string of bank account numbers, branch code and other details.
- Security: Users who prefer not to share their mobile numbers with others can still receive funds through their unique QR code within the Grab app.
In an initial trial, consumers commonly used Grab’s fund transfer feature to top up transport allowance for their loved ones, split the cost for meals and entertainment in GrabPay Credits, and transfer credits as gifts for special occasions.
To send money:
- Scan the recipient’s QR code if within close proximity. All Grab users have a unique QR code that can be found within the Grab app.
- To transfer funds remotely, search for your contact in your phone address book, or key in mobile phone details of the recipients. Funds will be transferred as long as the user is on Grab.
To receive money:
- If nearby, open the Grab app, launch the QR code and let the sender scan it. Otherwise, a notification will be sent to the recipient following a successful transfer, whether it’s via a QR code or a mobile number.
Re-disseminated by The Asian Banker
Grab, an on-demand transportation and mobile payments platform in Southeast Asia, launched its new peer-to-peer fund transfer feature, to enable consumers to transfer GrabPay Credits to one another. In the coming months, Grab plans to further develop the technology to enable payment for merchant services beyond transportation via GrabPay, Grab’s in-app mobile wallet.
Grab plans to extend the use of GrabPay to merchants, such as those in the F&B, retail and entertainment industries, in Q4 2017. It aims to work with more than 1,000 merchants, and will start by partnering merchants that are currently more heavily dependent on cash, in line with the Singapore government’s push to encourage more consumers and merchants to switch to cashless payments. Singapore is the first country where Grab plans to trial this beyond transportation.
“Every day, over 75% of Grab users in Singapore go cashless and use GrabPay to pay for rides. Grab users are familiar with using mobile payments for daily transactions, via the Grab app. Fund transfer is the first step to expand the use of GrabPay as a mobile wallet. Today, users can transfer money to one another; in the coming months, they can look forward to use GrabPay to buy food or other goods and services from physical shops,” said Jason Thompson, Head of GrabPay, Grab.
He added, “Cashless payments in Singapore is still quite fragmented. Mobile payments is more infrastructure-lite, and as one of the most frequently used consumer apps, we believe Grab can drive mass adoption of mobile payments in Singapore and across Southeast Asia. We have a stake in educating and bringing local communities into the cashless future, and are open to working with public and private sector organisations to enable this.”
The Grab app has been downloaded onto over 55 million mobile devices across Southeast Asia, and merchants can benefit from the increased marketing exposure through the Grab app. Participating merchants can expect to set up GrabPay easily with a QR code, and enjoy lower costs of cashless adoption. With mobile payments, merchants will not incur additional fees such as rental of payment terminals.
Grab also introduced a new six-digit GrabPay PIN as a second factor authentication (2FA) this week to make its GrabPay mobile wallet more secure. Customers with more than $150 worth of credits in their GrabPay account are required to activate the PIN. The Grab app will automatically prompt users to input their pin number when it detects any unusual activities, such as the app being used in a different country.
Peer-to-peer fund transfer with GrabPay
GrabPay Credits is a cashless stored value option offered within the Grab app. With the instant fund transfer feature, consumers can transfer money immediately to another person. Benefits include:
- Immediacy: Fund transfer is instant on Grab. Users can expect to receive payment within seconds.
- Simplicity: A phone number and a Grab app are all that’s needed to make a transfer. There’s no need to memorise and key in a long string of bank account numbers, branch code and other details.
- Security: Users who prefer not to share their mobile numbers with others can still receive funds through their unique QR code within the Grab app.
In an initial trial, consumers commonly used Grab’s fund transfer feature to top up transport allowance for their loved ones, split the cost for meals and entertainment in GrabPay Credits, and transfer credits as gifts for special occasions.
To send money:
- Scan the recipient’s QR code if within close proximity. All Grab users have a unique QR code that can be found within the Grab app.
- To transfer funds remotely, search for your contact in your phone address book, or key in mobile phone details of the recipients. Funds will be transferred as long as the user is on Grab.
To receive money:
- If nearby, open the Grab app, launch the QR code and let the sender scan it. Otherwise, a notification will be sent to the recipient following a successful transfer, whether it’s via a QR code or a mobile number.
Re-disseminated by The Asian Banker
