Pay Grab Can Use Bitcoin But Only In Singapore

Grab accepts Bitcoin cs payment. (Photo; Doc. Webhouzz)

JAKARTA - Grab, the ride-hailing market leader in Southeast Asia, has taken progressive steps by introducing crypto payment options including Bitcoin and Ethereum in Singapore. In collaboration with Triple-A, digital asset payment provider Grab has allowed GrabPay users to fill their electronic wallet balances using crypto assets since March 12.

With this integration, users can choose from the five available crypto assets: Bitcoin, Ether, USD Coin (USDC), Tether (USDT), and stablecoin XSGD backed up by Singapore dollars. Triple-A, which raised 10 million US dollars (approximately IDR 157,100,000,000) in October and was licensed by the Monetary Authority of Singapore (MAS) in 2021, handled converting crypto-to-dollar assets with an instant bank settlement.

This initiative facilitates daily transactions for crypto asset owners in Singapore, from shipping goods to paying for coffee at nearby stores. Users can send their cryptocurrencies to Grab wallets or via scanning QR codes, showing convenience and efficiency in the transaction process.

Previously Grab had plunged into Web3 space in September, partnering with Circle, the global payment company behind USDC stablecoin. This partnership allows users in Singapore to create blockchain-based wallets and collect NFT vouchers. Reported by CryptoNews, in October, Grab increased support for Polygon-based Web3 wallets, in collaboration with MAS, even though it was only a short pilot until the end of 2023.

Since its founding in 2012, Grab has grown rapidly with 180 million users and services in more than 500 cities in eight Southeast Asian countries. Crypto payments are not a new concept in Singapore; Ryde, the country's first carpooling app, has been accepting Bitcoin payments since 2020, and Fold has allowed payments for Uber travel with Bitcoin since 2018.