Grab Financial Group announced its ‘Grow with Grab’ roadmap on 19 March, aiming to provide the most comprehensive portfolio of financial services in Southeast Asia for micro-entrepreneurs and small businesses. FOMO Pay, the pilot partner for Grab Pay, provides technology support for their new payments methods under this roadmap, and works together to enhance their merchant network.
As the first fintech platform with access to e-money licenses in the major six economies in ASEAN, Grab Financial has built the largest merchant network, covering more than 600,000 merchants. With the support from FOMO Pay, Grab launches new payments technologies that will allow more micro- and small businesses to benefit from the Grab user base: ‘Pay with GrabPay’ online check-out and Point-of-Sale (POS) device integration. The technologies help Grab Financial Group further differentiate itself in speed, affordability and versatility, all crucial needs for small entrepreneurs.
‘Pay with GrabPay’ online check-out allows online sellers to accept GrabPay as a mobile wallet on their website or platform. Customers can buy their goods online from the same familiar, convenient and secure GrabPay wallet they use on a daily basis for Grab rides and food orders. The ‘Pay with GrabPay’ online check-out launches today with micro- and small businesses on local e-commerce platforms such as Qoo10, and 11Street, two of the largest e-commerce platforms in Singapore and Malaysia respectively.
With POS device integration, business owners with POS devices can tap into Grab’s ASEAN-wide user base, without having to change their hardware or sales and accounting systems. Merchants can simply add GrabPay as a payment method on their existing POS device. The payment method will first launch in Singapore with merchants such as coffee chain Coffee Bean & Tea Leaf and bakery chain Paris Baguette, following which it will expand this across the region.
To expand the their ecosystem, Grab is working closely with industry-leading partners to build payments and financial services infrastructure tailored to the needs of micro-entrepreneurs in Southeast Asia.
“We are very excited to partner with Grab. The new payment methods, Static QR and Dynamic QR payment methods launched by Grab today, are targeted at both SME and large-sized merchants. We will work together to enable and empower more such merchants and Point-Of-Sales suppliers to accept Grab Pay in their outlets and business, and promote cashless payment adoption in Singapore”, said Louis Liu, Co-Founder and CEO, FOMO Pay
The newly announced payment services are part of the “Grow with Grab” roadmap announced by Grab during the Money 20/20 Asia conference in Singapore. The roadmap includes a range of other new services, including micro-insurance products, post-paid and instalment payment services.