Grab unveils online checkout system & other financial services

  • The online checkout system would enable sellers to accept digital payment service GrabPay

  • The financial arm of Grab also plans to introduce post-paid payment credit option in Singapore first

Grab Financial, the financial arm of the Southeast Asian ride-hailing behemoth Grab, has reportedly announced the launch of its several financial services across the region. As per trusted sources, the firm is introducing an online checkout system for e-wallet GrabPay, insurance options for Grab’s drivers, and credit services to customers.

Reportedly, the online checkout system would enable sellers to accept digital payment service GrabPay. The firm also aims to launch a post-paid payment credit facility, where users accrue spending on Grab’s products like food delivery and ride-hailing and pay the total amount at the end of every month without incurring additional expenses.

Sources familiar with the development claim that the credit service of the company would be first made available in Singapore before expanding to other nations. The company is also working on another alternative to buy goods and pay in installments via Grab Financial.

The Senior Managing Director of Grab Financial, Reuben Lai was reportedly quoted saying that the firm is doubling down on its financial services being offered to micro-entrepreneurs given the fact that there is a humongous opportunity for the firm to support the region’s entrepreneurs who are not able to access traditional financial entities. Grab Financial has served more than nine million micro-entrepreneurs which makes it easier for the firm to leverage its data insights, scale and price financial products competitively, Lai further added.

According to a report published by CNBC, Grab had signed a collaborative deal last year with Japanese financial services firm Credit Saison to lend in the region. The partnership also provides working capital loans to small businesses in Singapore while Grab eyes lending licenses in other markets.

Reportedly, Grab currently has more than 600,000 merchants in ASEAN utilizing its payment network.