Grab users can now top up or pay with digital currency following the partnership with Triple-A.
Takeaway Points
- Grab Embraces Digital Currency Through Triple-A Partnership.
- Users can pay with five different cryptocurrencies in their GrabPay wallet.
- GrabPay wallet is a licensed e-money wallet that has a topped-up balance which you can use to shop online, make payments, transfer funds and receive rewards.
Digital Payment Tokens
Southeast Asia’s all-in-one platform (Grab) has partnered with the digital payment firm Triple-A. According to Triple-A, Grab users now have the option of paying with digital currency in their GrabPay wallet. The users informed The Straits Times about the development when they discovered the new payment option of using digital payment tokens to top up their e-wallets.
From the report, users can pay with five different cryptocurrencies, namely: Bitcoin, Ether, and 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.
Triple-A explained that the crypto top-ups were rolled out on March 12 and that digital currency owners in Singapore can now pay with digital currencies daily.
“Triple-A said the crypto top-ups in GrabPay Wallet were 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,” it added.
Grab
Grab is an all-in-one platform in Southeast Asia; it offers a lot of services ranging from deliveries, mobility, financial services, and more. In September, Grab partnered with Circle to test a blockchain-based wallet that holds digital assets, according to the report.
What is GrabPay Wallet?
GrabPay wallet is a licensed e-money wallet that has a topped-up balance which you can use to shop online, make payments, transfer funds and receive rewards.
According to Grab, the difference between GrabPay and GrabPay wallet is that GrabPay is the collective umbrella term for all of our payment services, such as payments via credit/debit cards, partner wallets (e.g. PayPal), and your GrabPay balance. GrabPay Wallet is a licensed e-money wallet containing a topped-up balance. Use it to shop online, make payments, transfer funds and earn rewards on your transactions.
Their partners include Amazon, Circle, StraitsX, Triple-A, and UOB.
Triple-A
Triple-A is a digital currency payment platform licensed in Singapore that handles the conversion of digital currencies into dollars with instant bank settlements. In early January, the payment firm partnered with AXS in order to allow people to use four digital currencies (Bitcoin, Ether, USDT, or USDC) for 550 of the 600 AXS payment services to make top-ups or pay their recurring bills, such as road tax and enrichment class fees, according to Triple.
Others who partnered with Triple-A for crypto payments includes retailers iStudio, Farfetch, and Charles and Keith; the Singapore Red Cross; financial platform Reap; and payments firm AsiaPay.
Different companies and countries have been moving to Web3 by adding crypto as a payment option in the future.
