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.
In Indonesia, GrabPay is already being used to pay for GrabFood. Go-Jek, Grab’s rival in the archipelago, also offers P2P credit transfers.
Speaking at a launch event 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.
It has a target of onboarding as many as 1,000 merchants by the fourth quarter. It will 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.