Crypto payment via Grab now available for users in Singapore
Grab Singapore users can now pay for the app’s services with cryptocurrencies such as Bitcoin and Ether.
The rollout of the payment option took place on 12 March, according to financial firm Triple-A.
Grab Singapore users can now pay with crypto
The Straits Times (ST) reported that Grab users came across a new payment option available in their GrabPay Wallet, allowing them to pay via five cryptocurrencies.
Source: CNBC
The cryptocurrencies are as follows:
- Bitcoin
- Ether
- StraitsX’s Singapore dollar-backed stablecoin XSGD
- US dollar-backed stablecoin USDC, managed by global payments firm Circle
- Stablecoin Tether, known as USDT
Stablecoins are cryptocurrencies with their values pegged to another reference asset, be it a currency or commodity. They usually have their values tied to the US dollar on a one-to-one basis.
Source: Bloomberg via Reuters
Speaking to ST, Triple-A said the rollout of the cryptocurrency top-ups in GrabPay Wallet took place on 12 March.
“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,” the company explained.
Plans to enable crypto payment began last year
In September, Grab told ST about its focus on testing the issue of programmable money and its uses in Singapore.
The firm had collaborated with Circle at the time to test a blockchain-based wallet holding digital assets through a pilot.
According to ST, sources said in late 2023 that Grab was planning for the application of a a digital payment token licence from Singapore’s regulator.
Other firms have also partnered with Triple-A to enable their users to use cryptocurrency payment.
AXS was one of them, having announced that users can use cryptocurrency payment via its mobile app back in January.
AXS Mobile App Users Can Pay Bills Using Cryptocurrencies Such As Bitcoin & Ethereum
Companies such as iStudio, Farfetch, and Charles and Keith have also collaborated with Triple-A to enable such payment.
Grab monitoring user adoption
In response to MS News’Â queries, a Grab spokesperson confirmed the partnership enabling users to top up their GrabPay Wallet via Digital Payment Tokens.
The spokesperson said: “This new feature provides users with added flexibility and convenience as it allows them to convert their digital assets, such as stablecoins, into usable funds in their GrabPay Wallets. By expanding the top-up options to include Digital Payment Tokens, Grab is providing users with a seamless and efficient way to access the company’s wide range of services.”
The feature is presently available in Singapore, where Grab will continue monitoring user adoption and respond to demand for such services.
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Featured image adapted from CNBC and André François McKenzie on Unsplash.
