SINGAPORE - Technology company Grab is rolling out an online checkout system for e-wallet GrabPay, credit services to customers and more insurance options for its drivers, as it sets its sights on becoming the region's largest payment and financial service platform.
On Tuesday (March 19), it launched an online check-out and point-of-sale device integration service that allows sellers on the Internet to accept GrabPay on their websites or platforms. Consumers can log in to their GrabPay account to pay for their online purchases.
Participating merchants include online marketplaces Qoo10 and 11Street, while Cathay Cineplexes, among other brands, have agreed to use the new service.
Grab also plans to launch Pay Later which includes a post-paid service and an instalment plan to its “most creditworthy customers. ... based on stringent set of criteria”.
These include how long they have been on the app, their usage frequency and spending patterns.
Selected customers can pay for Grab services such as taxi rides and food delivery at the end of the month without additional costs. Pay Later will be launched in the next few weeks.
“This helps customers who face exceptional expenses, but are keen to avoid being hit with higher credit card or personal loan interest payments,” Grab said in a statement.
The instalment plan will be launched in the next few months and it allows customers to spread their payments for online purchases over months at no interest, the company added.
In addition, Grab is applying for lending licences in the region after it completed lending pilots to its drivers in the past 12 months with the help of its partner Credit Saison. Small businesses here have already received working capital loans.
Grab Financial Senior managing director Reuben Lai said that the company is "doubling down on our financial services offering for micro-entrepreneurs".
"This is a huge untapped opportunity for Grab Financial to support the region's entrepreneurs who are less able to access traditional financial institutions."
Grab has served "more than nine million micro-entrepreneurs... As a result, we can leverage our scale and data insights" and price financial products competitively, he added.
The company known for its ride-hailing and delivery services has more than 600,000 merchants in Asean using its payment network, the Grab statement said.
The company is also offering automotive insurance with fractionalised premiums for drivers only when they are behind the wheel, micro-life insurance and critical illness insurance policies .
These are on top of the prolonged medical leave insurance and personal accident insurance Grab currently offers.