On September 7th, screenshots of new features on Grab began appearing on X (formerly Twitter), sparking speculation about the wider adoption of cryptocurrency through traditional apps.
GRAB SUPPORTS WEB3 WALLET
Users of Grab in Singapore can now access a new tab in the financial services section to set up their own Web3 cryptocurrency wallet. Moreover, the new wallet also offers opportunities to earn rewards based on blockchain and receive NFTs.
According to reports, Grab has also partnered with the Monetary Authority of Singapore (MAS) to provide discounts in the form of NFTs for restaurants and popular experiences in the city. Users can reportedly purchase these discount vouchers as NFTs on the cashback app Fave. They can then be used at events like the upcoming Singapore Grand Prix Formula 1 race, as well as at eligible stores around the city.
The Web3 cryptocurrency wallet integrated into the Grab app is based on Ethereum’s Layer 2 scaling solution, Polygon. Users have quickly shared screenshots of this new product. Singaporeans are known to be some of the heaviest users of GrabPay, with a total of 65 million cashless transactions in the country. BeInCrypto tried the Grab version in Thailand and Vietnam but did not see any Web3 wallet tabs.
Colin Wu, who tested the new Web3 cryptocurrency wallet on Grab, mentioned that there is no private key, only a PIN code. He also added that there are security questions and answers used for account recovery.
Currently, the Web3 cryptocurrency wallet on Grab can only support two types of digital assets, including SG Pitstop shopping vouchers and digital collectibles from SG Pitstop Pack. Previously, in October 2020, Grab partnered with the payment infrastructure platform StraitsX to trial programmable digital currency payments.
CRYPTO CLOSER TO ACCESSING AROUND 180 MILLION USERS IN SOUTHEAST ASIA
According to reports, Grab is the “Uber of Southeast Asia” with approximately 180 million users. The ride-hailing and food delivery app is the most downloaded in the region, with 24 million users making transactions monthly.
Grab serves 480 cities across 8 Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. In 2018, the company merged with its competitor Uber and now controls 75% of the total ride-hailing market in the region.