GRAB on Wednesday launched its new peer-to-peer fund transfer feature that enables consumers to transfer GrabPay Credits to one another. It also plans to further develop the technology to enable payment for merchant services beyond transportation via GrabPay, its in-app mobile wallet.
Singapore is the first country where Grab plans to trial this payments feature beyond transportation.
Grab plans to extend the use of GrabPay to more than 1,000 merchants, such as those in the food and beverage (F&B), and retail and entertainment industries, in the fourth quarter of 2017, it said.
It will start by partnering merchants that are more heavily dependent on cash, in line with Singapore's push to encourage more consumers and merchants to switch to cashless payments.
Grab also introduced a new six-digit GrabPay PIN as a second-factor authentication (2FA) this week to make its GrabPay mobile wallet more secure, it noted.