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Grab has partnered with crypto payments provider Triple-A to let GrabPay users in Singapore top up their e-wallets via digital tokens.
With this new feature, stablecoins and other digital assets can be converted into usable funds for GrabPay, the Singapore-based company said in a statement to Tech in Asia.
The GrabPay app supports top-ups through coins like Bitcoin, Ethereum, USDC, and USDT. It also accepts XSGD, a blockchain-powered stablecoin linked to the Singapore dollar.
XSGD is offered by Fazz, the company formed after the merger of Indonesia-based Payfazz and Singapore-based Xfers. Fazz also operates StraitsX, a digital assets platform that recently received in-principle approval for its major payment institution license from the Monetary Authority of Singapore.
The move allowed Xfers to issue XSGD and US dollar-denominated XUSD in compliance with MAS’ upcoming stablecoin regulatory framework.
While top-ups via crypto are only available in Singapore for now, Grab will “continue to monitor user adoption and respond to demand for such services.”
The announcement builds upon the super app’s previous collaboration with Triple-A. In 2021, Grab’s partnership with Triple-A saw GrabPay wallet being added as one of the payment options to top up the latter’s trading platform wallet.
Such initiatives indicate the company’s efforts to move crypto into the mainstream. In September 2023, Grab introduced a Web3 feature that gave users NFT vouchers for popular restaurants and services during the F1 Grand Prix, which was held in Singapore last year.
See also: Why Grab’s shares declined despite its ‘strong’ Q4 results
Editing by Miguel Cordon and Eileen C. Ang
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