Grab S’pore introduces crypto payments option in collaboration with Triple-A

SINGAPORE: Users of Grab’s services now have the option of paying with cryptocurrencies, thanks to the ride-hailing giant’s partnership with payments firm Triple-A.

The integration of cryptocurrency payments into the GrabPay app marks a notable expansion in payment options, providing users with the flexibility to transact using digital currencies such as Bitcoin, Ethereum, USDC, USDT, and XSGD – a stablecoin linked to the Singapore dollar and facilitated through blockchain technology.

Stablecoins, a type of cryptocurrency whose value is tied to that of another asset such as a fiat currency, commodity, or financial instrument, offer users stability and utility in their transactions, typically maintaining a one-to-one parity with the US dollar.

Triple-A confirmed with The Straits Times (ST) that the introduction of crypto top-ups within the GrabPay Wallet occurred on 12 March.

“From arranging deliveries to booking rides or paying for coffee at their nearest shop, digital currency owners in Singapore can now use digital currencies for everyday transactions,” it said.

This move reflects Grab’s strategic initiative to mainstream cryptocurrency usage, building upon previous endeavors such as the incorporation of Web3 feature that give NFT vouchers during the F1 Grand Prix in Singapore in September 2023.

Operating under regulatory oversight in Singapore, Triple-A facilitates the seamless conversion of digital currencies into dollars with bank settlements instantly.

Triple-A’s expansion efforts have been particularly evident in recent collaborations across various sectors.

In late January, the payments firm partnered with popular bills payment platform AXS, enabling individuals to utilize four digital currencies for over 550 services, including essential payments like road tax and enrichment class fees.

Several prominent entities have already aligned with Triple-A to facilitate cryptocurrency payments, including retailers like iStudio, Farfetch, and Charles and Keith, humanitarian organizations like the Singapore Red Cross, financial platforms such as Reap, and payments firm AsiaPay.