Singapore’s ride-hailing giant, Grab, has joined hands with payment firm Triple-A to offer a new option for its users to top up their GrabPay e-wallets using cryptocurrencies. This development was brought to our attention by Grab users who discovered the new payment option in their e-wallets.
Users can now top up their e-wallets with five different cryptocurrencies, namely Bitcoin, Ether, StraitsX’s XSGD, USDC, and Tether. These cryptocurrencies are known as stablecoins as their values are tied to the value of another currency, commodity, or financial instrument, usually the US dollar.
Triple-A, which is licensed in Singapore, handles the conversion of digital currencies into dollars through instant bank settlements. This move is in line with the increasing trend of companies incorporating cryptocurrencies as a payment option due to their potential in future transactions.
Last year, Grab had announced its partnership with Circle to test a blockchain-based wallet that holds digital assets, showing their interest in exploring the concept of programmable money in Singapore. It was also reported that Grab has plans to apply for a digital payment token license from Singapore’s regulator in the near future.
Meanwhile, Triple-A has been rapidly expanding its presence in Singapore, with its recent partnership with popular bills payment platform AXS, allowing users to make top-ups or pay their recurring bills using four cryptocurrencies. Other notable companies that have partnered with Triple-A for crypto payments include iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Reap, and AsiaPay.
The Straits Times has reached out to Grab for comments on this new development. With the integration of cryptocurrencies in everyday transactions, digital currency owners in Singapore now have more options to utilize their assets.
