Grab rolls out credit transfer between GrabPay users in major push beyond ride-hailing

Grab cars in Singapore. Photo credit: BYD.

Grab has further expanded the use of its payments service beyond transportation with the launch of a peer-to-peer (P2P) fund transfer feature in its app.

The feature – which is initially available in Singapore – will allow users to transfer GrabPay credit to one another. It represents one of the first steps Grab is taking to bring its payments platform outside of its core ride-hailing business.

Go-Jek, Grab’s rival in Indonesia, also offers P2P credit transfers.

Grab says that the new P2P fund transfer facility is the first time that its cashless payments tech has been applied totally outside of a transportation context, considering that GrabFood is a delivery service that taps into the company’s driver network.

This follows the introduction earlier this week of GrabPay PIN, a six-digit personal identification number, in an effort to provide heightened security for Grab’s mobile wallet users. Customers with more than US$150 of GrabPay credit in their accounts will be required to activate the PIN, and will be asked to input it whenever unusual activity – such as use of the app outside of the customer’s country of residence – is detected.

GrabPay head Jason Thompson announces Grab’s new P2P fund transfer feature. Photo credit: Grab.

Speaking at a briefing today, GrabPay head Jason Thompson said that the company is also planning to roll out its online payments technology to merchants this year, which is seen to increase its uptake.

Grab has a target of onboarding as many as 1,000 merchants by the fourth quarter. It will initially focus on hawker stores and small retailers that typically don’t accept cashless payments. GrabPay users will be able to make payments by scanning QR codes.

Grab last month raised US$2 billion in fresh funding to tighten its grip on Southeast Asia’s ride-hailing market and invest in GrabPay.

Thompson said the company would provide more details on its plans for merchants at a later date.