Grab Singapore Now Accepts Crypto Payments
As of March 12, 2024, the Grab Singapore app officially accepts cryptocurrency as payment. This has been made possible through Grab's partnership with Triple-A, as reported by The Straits Times.
According to Grab's statement, "Grab has partnered with Triple-A licensed payment providers to enable users to top up their GrabPay Wallets through Digital Payment Tokens. Currently available in Singapore, Grab will continue to monitor user adoption and respond to demand for such services."
Users can now pay using five cryptocurrencies: Bitcoin (BTC), Ether (ETH), XSGD stablecoin, USDC, and USDT. This feature can be accessed in the same section as fiat top-ups. The process is straightforward; users can send their crypto to the wallet provided by Grab or through a QR code.
According to Triple-A, "From arranging deliveries to booking rides or paying for coffee at the nearest shop, digital currency holders in Singapore can now use digital currency for everyday transactions."
Although Grab has dominated the market in Southeast Asia, crypto payment options are currently only available in Singapore. Grab plans to continue monitoring user adoption and responding to demand for these services.
Grab Actively Expanding Web3 Services
Grab has also been actively expanding its presence in Web3. Last year, they launched a Web3 wallet, allowing users to earn blockchain-based rewards and make payments using NFTs.
Furthermore, Grab has begun integrating Web3 services with non-exchangeable token wallets. Last June, they conducted a pilot study with the Monetary Authority of Singapore regarding the use of three digital assets, including central bank digital currency, tokenized bank deposits, and stablecoins.
Triple-A has also made progress in the adoption of digital assets in Singapore. In January, they partnered with AXS to offer crypto payment options for AXS services to Singapore residents.
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*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
