Grab users in Singapore can now pay for its services with cryptocurrencies following its tie-up with crypto payments provider Triple A. With this new feature, stablecoins and other digital assets can be converted into usable funds for GrabPay.
Users can top up their GrabPay e-wallets using five cryptocurrencies: Bitcoin, Ether, StraitsX’s Singapore dollar-backed stablecoin XSGD, a United States dollar-backed stablecoin USDC that is managed by global payments firm Circle, and stablecoin Tether, also known as USDT.
According to Triple-A, the crypto top-ups in Grab Pay Wallet were first rolled out on March 12. “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 payments provider added.
Crypto are only available in Singapore for now, however, Grab will “continue to monitor user adoption and respond to demand for such services.”
This partnership builds upon the super app’s previous collaboration efforts with Triple A. In 2021, Grab’s partnership with Triple A saw GrabPay wallet being added as one of the payment options to top up the latter’s trading platform wallet.
Grab has actively worked to bring crypto into the mainstream. Last year, the company introduced a Web3 feature that allowed users to earn blockchain-based rewards and pay for restaurants and services with NFT vouchers during the 2023 F1 Grand Prix.
The superapp also collaborated with StraitsX to test the issuance of Purpose Bound Money in the form of commercial digital vouchers during the Singapore Fintech Festival (SFF) 2022.
According to sources who spoke to The Straits Times in late 2023, Grab has plans to apply for a digital payment token licence from Singapore’s regulator.
Featured Image Credit: Bryan van der Beek/Bloomberg
