Finance:GrabPay Wallet
Template:Promotional tone GrabPay Wallet is a digital wallet and mobile payment service operated by Grab Holdings, a Singapore-based technology company best known for its Southeast Asian super-app covering ride-hailing, food delivery, payments, and financial services.[1]
The service is integrated into the Grab app and was first introduced as GrabPay Credits in 2016 as a stored-value cashless payment option for Grab rides.[2]
GrabPay later expanded beyond ride-hailing into merchant payments, online payments, and other wallet-based services in selected markets.[3]
In Singapore, GrabPay is operated by GPay Network (S) Pte. Ltd., which holds a Major Payment Institution licence from the Monetary Authority of Singapore under the Payment Services Act 2019.[4]
History
Grab launched GrabPay Credits in November 2016 to allow users to top up stored value and pay for rides without cash.[5]
The wallet was later positioned as part of Grab’s broader financial services strategy as the company expanded from ride-hailing into payments, financing, insurance, and banking-related services.[6]
In March 2018, Grab acquired Uber’s Southeast Asian operations, strengthening its regional position and giving Uber a stake in Grab.[7]
Grab Holdings listed on Nasdaq in December 2021 under the ticker symbol GRAB through a special-purpose acquisition company merger with Altimeter Growth Corp.[8]
Services
GrabPay can be used for Grab services such as transport and delivery payments within the Grab app.[9]
GrabPay also supports wallet payments for selected in-store and online merchants, depending on market availability.[10]
In some markets, GrabPay supports cash-in or top-up through channels such as cards, online banking, ATMs, stores, or partner agents.[11]
Grab also developed adjacent financial products under its broader financial technology business, including buy now, pay later services and banking partnerships in selected markets.[12]
In 2018, Grab and Mastercard announced a partnership to issue prepaid cards linked to GrabPay, with virtual and physical card options planned for Southeast Asian users.[13]
Grab later launched the GrabPay Card in Singapore, but announced that both the physical and digital versions would be discontinued from June 2024.[14]
Regulation
GrabPay operates under payment licences issued by regulators in its respective markets.[15]
In Singapore, GPay Network (S) Pte. Ltd. is listed by the Monetary Authority of Singapore as a Major Payment Institution.[16]
Grab’s Singapore payment terms state that GPay Network holds MAS licence number PS20200167 for services including e-money issuance, account issuance, merchant acquisition, domestic money transfer, and cross-border money transfer.[17]
References
- ↑ "Grab debuts on Nasdaq, marking biggest Southeast Asia listing". Reuters. 2 December 2021. https://www.reuters.com/markets/us/grab-debuts-nasdaq-marking-biggest-southeast-asia-listing-2021-12-02/.
- ↑ "Grab delivers cashless, seamless ride experience with GrabPay Credits". Digital News Asia. 25 November 2016. https://www.digitalnewsasia.com/business/grab-delivers-cashless-seamless-ride-experience-grabpay-credits.
- ↑ "Grab's mobile wallet expands to Malaysia". American Banker. https://www.americanbanker.com/payments/news/grabs-mobile-wallet-expands-to-malaysia.
- ↑ "GPay Network (S) Pte. Ltd.". Monetary Authority of Singapore. https://eservices.mas.gov.sg/fid/institution/detail/218776-GPay-Network-S-Pte-Ltd.
- ↑ "Grab delivers cashless, seamless ride experience with GrabPay Credits". Digital News Asia. 25 November 2016. https://www.digitalnewsasia.com/business/grab-delivers-cashless-seamless-ride-experience-grabpay-credits.
- ↑ "Grab-led GXS rolls out Singapore's first digital bank". Reuters. 31 August 2022. https://www.reuters.com/business/finance/grab-led-gxs-rolls-out-singapores-first-digital-bank-2022-08-31/.
- ↑ Aravindan, Aradhana (26 March 2018). "Uber agrees to sell Southeast Asia business to Grab after costly battle". Reuters. https://www.reuters.com/article/us-uber-grab/uber-agrees-to-sell-southeast-asia-business-to-grab-after-costly-battle-idUSKBN1H10CQ/.
- ↑ "Grab debuts on Nasdaq, marking biggest Southeast Asia listing". Reuters. 2 December 2021. https://www.reuters.com/markets/us/grab-debuts-nasdaq-marking-biggest-southeast-asia-listing-2021-12-02/.
- ↑ "GrabPay". https://www.grab.com/ph/pay/.
- ↑ "GrabPay". https://www.grab.com/ph/pay/.
- ↑ "Grab delivers cashless, seamless ride experience with GrabPay Credits". Digital News Asia. 25 November 2016. https://www.digitalnewsasia.com/business/grab-delivers-cashless-seamless-ride-experience-grabpay-credits.
- ↑ "Grab-led GXS rolls out Singapore's first digital bank". Reuters. 31 August 2022. https://www.reuters.com/business/finance/grab-led-gxs-rolls-out-singapores-first-digital-bank-2022-08-31/.
- ↑ "Grab and Mastercard to launch prepaid cards for Southeast Asia's 400 million unbanked" (Press release). Grab. 25 October 2018.
- ↑ "GrabPay Card to be discontinued from Jun 1". Channel NewsAsia. 1 April 2024. https://www.channelnewsasia.com/singapore/grabpay-card-discontinue-jun-1-mastercard-4234826.
- ↑ "GPay Network (S) Pte. Ltd.". Monetary Authority of Singapore. https://eservices.mas.gov.sg/fid/institution/detail/218776-GPay-Network-S-Pte-Ltd.
- ↑ "GPay Network (S) Pte. Ltd.". Monetary Authority of Singapore. https://eservices.mas.gov.sg/fid/institution/detail/218776-GPay-Network-S-Pte-Ltd.
- ↑ "Payment and Rewards Terms of Service". https://www.grab.com/sg/terms-policies/payment-rewards/.
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