Grab users can now pay using cryptocurrency

Grab users can now pay using cryptocurrency

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SINGAPORE – Users of Grab services will now have the option to pay in cryptocurrency following the transport operator's partnership with payments company Triple-A.

Grab users alerted the Straits Times to the development after they found the new payment option available in their GrabPay Wallet.

Users can pay using five cryptocurrencies: Bitcoin, Ether, and StraitsX's Singapore dollar-backed XSGD stablecoin, a US dollar-backed USDC stablecoin run by global payments firm Circle, and the Tether stablecoin, too. known as USDT.

Stablecoins are cryptocurrencies that have their values ​​pegged to another currency, commodity, or financial instrument. They are usually pegged to the US dollar on a one-to-one ratio.

When asked, Triple-A said that crypto top-ups on GrabPay Wallet were implemented on March 12.

“From arranging deliveries to booking rides or paying for a coffee at the nearest store, digital currency owners in Singapore can now use digital currencies for everyday transactions,” he added.

Triple-A, which is licensed in Singapore, handles the conversion of digital currencies to dollars with instant bank settlements.

Several companies have been moving to add cryptocurrencies as a payment option, as digital assets and blockchain are seen as having a role to play in the future of transactions.

In September, Grab told ST that it was focused on testing the concept of programmable money and its uses in Singapore. At the time, the company had partnered with Circle to test a blockchain-based wallet containing digital assets in a pilot here.

Sources told ST in late 2023 that Grab plans to apply for a digital payment token license from the Singapore regulator.

Meanwhile, Triple-A has been rapidly expanding its reach in Singapore.

In late January, the payments company partnered with popular bill payment platform AXS to allow people to use four digital currencies for 550 of AXS's 600 payment services. It means that the public can top up or pay their recurring bills, such as road tax and enrichment class fees, in four cryptocurrencies: Bitcoin, Ether, USDT or USDC.

Others that have partnered with Triple-A for crypto payments include retailers iStudio, Farfetch and Charles and Keith; Singapore Red Cross; Reap financial platform; and payments company AsiaPay.

ST has contacted Grab for comment.

READ ALSO: OKX Crypto Exchange Receives In-Principle Approval for Singapore Payments License

This article was first published in The times of the strait. Permission required for reproduction.

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