Southeast Asia super-app Grab offers crypto payment options in Singapore

Companies • March 19, 2024, 4:03AM EDT

Published 1 minute earlier on

Quick Take

The popular ride-hailing app said users in Singapore can top up their wallets with cryptocurrencies.
The company said it will “monitor user adoption” and “respond to demand” for such services.

Grab, the major ride-hailing super-app in Southeast Asia, has started allowing users to top up their wallets with cryptocurrencies in Singapore through its partnership with payments firm Triple-A.

The GrabPay Wallet now enables users to pay using cryptocurrencies such as bitcoin, ether, and stablecoins including XSGD, USDC, and USDT, according to local newspaper The Straits Times.

“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,” a Grab spokesperson said in a statement shared with The Block. “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.”

Grab to monitor adoption of crypto payments

While Grab has established a strong presence across Southeast Asia, the crypto payment options are currently only available in Singapore, and it “will continue to monitor user adoption and respond to demand for such services,” the spokesperson added.

Grab has also started to incorporate web3 services with non-fungible token wallets. In June last year, it signed on to be a part of a pilot study with the Monetary Authority of Singapore surrounding the use of three digital assets including central bank digital currencies, tokenized bank deposits and stablecoins.

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About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.