Grab, the software that swallowed up Uber's Southeast Asian operations, allows Singaporean users to top up their e-wallets with cryptocurrencies called "GrabPay," which they can then use to pay for everyday purchases.

According to the Straits Times, the software "Grab", which successfully annexed Uber's Southeast Asian business, has recently further integrated cryptocurrency payments, allowing Singaporean users to recharge their e-wallets with cryptocurrencies, "GrabPay", and then use it to pay for their daily purchases. Daily consumption.

According to the report, GrabPay's new service is offered in partnership with Triple-A, a cryptocurrency payment service provider. The first wave of the service supports Bitcoin, Ether, Singapore Dollar Stablecoin (XSGD), US Dollar Stablecoin (USDC), and US Dollar (USDT).

Under Singapore's Payment Services Act, cryptocurrencies such as Stablecoin and Bitcoin are considered "Digital Payment Tokens".

In the statement, Grab announced that it has partnered with Triple-A, an authorized payment provider, to offer users the ability to top up their GrabPay wallets via digital payment tokens. The service is currently only available in the Singapore market and Grab will continue to monitor user usage and respond accordingly to demand.

Headquartered in Singapore, Grab started as a ride-hailing service and has now expanded to include food delivery, express parcel delivery, supermarket grocery delivery and digital payment services, with its business covering eight countries in Southeast Asia, including Singapore, Malaysia, Indonesia and Thailand.

This is not Grab's first foray into cryptocurrency, as the company integrated Polygon's Web3 wallet service on its platform in September last year, allowing users to hold NFT vouchers in the app for everyday dining and services, but the Web3 wallet can only be used to hold, manage and trade NFTs, and is not linked to GrabPay. Version 1: This is not Grab's first foray into cryptocurrencies, as the company integrated Polygon's Web3 wallet service on its platform in September last year, which allows users to hold NFT coupons in the app that can be used for everyday dining and services, but this Web3 wallet can only be used to hold, manage and transact in NFTs, and is not connected to GrabPay. However, this Web3 wallet can only be used to hold, manage and trade NFTs and is not compatible with GrabPay.

Source:

1.https://www.straitstimes.com/business/grab-users-can-now-pay-in-crypto

2.https://blockcast.it/2024/03/19/singapore-grab-users-can-now-use-cryptocurrencies-to-top-up-their-e-wallets/

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