Initially, Grab’s payment service will have zero MDR, according to Tan. which means merchants who accept payments via GrabPay will be able to add the full amount to their topline.
“We want to make sure which merchants firstly understand what the product can be, how This particular helps them as well as there’s zero cost to try,” said Tan.
nevertheless once the service picks up more users, she added, the plan can be to determine a reasonable MDR which will not become “prohibitive for anybody.”
The way the transactions will work can be This particular:
- Inside the Grab app, users tap on the GrabPay button
- They will scan the QR code displayed at the store, key from the amount due as well as slide the navigation bar to complete the payment
- Both the buyer as well as the seller are then notified of the completed transaction through the Grab app
Users can top-up the mobile wallet using GrabPay Credits, credit as well as debit cards, various other forms of digital payments such as Alibaba’s Alipay, Android pay as well as mandiri-ecash which can be well-known in Indonesia.
Earlier This particular year, Grab said This particular likely to raise $2.5 billion in fresh funds through China’s Didi Chuxing, Japan’s SoftBank Group as well as others to bolster dominance from the region as well as grow its mobile payments business.
Currently, the company has over 63 million app downloads, including 4 million in Singapore, as well as can be available in 132 cities across Southeast Asia. The company told CNBC This particular expects to register This particular’s one billionth ride transaction This particular week.
The company can be profitable in some of the more developed markets as well as services, according to Tan, nevertheless she did not disclose specifics. “In others, especially like payments, with the launch today, we’re actively, heavily investing,” she said.
Tan also told CNBC which Grab has no plans to currently expand beyond Southeast Asia because the market has plenty of potential.
“I think as of right right now, our focus, as This particular has been for the past 5 or so years, can be Southeast Asia,” she said. “There’s so much value as well as potential there, we don’t genuinely see any need to go elsewhere because we don’t want to get distracted.”