GrabPay, the online payments offering of Singapore’s Grab, and payments major Stripe has formed a partnership to enable regional businesses to offer GrabPay Wallet as a payment method through Stripe.
Photo credit: Tech in Asia
Starting in Singapore and Malaysia, the partnership would also allow merchants to connect to Grab’s millions of users in Southeast Asia through GrabPay and improve retention by providing access to GrabRewards. The option will also support payments in both Singaporean dollars and Malaysian ringgit, according to a statement.
Grab said that online classified marketplace Carousell has seen an almost 20% increase in transactions since October 2020 after adding support for GrabPay via Stripe in Malaysia.
“With ecommerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments experience for Southeast Asians,” said Grab Financial Group’s managing director and head of GrabPay, Chris Yeo.
According to research by Bain, Google, and Temasek, the growing online lifestyle in Southeast Asia has helped ecommerce’s gross merchandise value in the region reach US$62 billion.
See Also: How LinkAja can help Grab and Gojek fend off ShopeePay
One of Grab’s biggest competitors in the ecommerce payments space is ShopeePay, a service integrated into Sea’s online shopping giant Shopee. It has also been looking to expand through partnerships, recently collaborating with Google Play store to allow mobile users to pay for apps, game currencies, and video-on-demand subscriptions with ShopeePay.
Editing by Collin Furtado and September Grace Mahino
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