Southeast Asia’s leading ride-hailing and transportation app, Grab, has unveiled a groundbreaking feature for its Filipino users. It will enable them to add cryptocurrency to GrabPay wallets.
Filipinos who depend on Grab for food delivery, everyday commutes, and a host of other services may now finance their GrabPay accounts with well-known digital tokens. These include Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC). To promote the widespread adoption of cryptocurrencies in Asia, the Philippine Digital Asset Exchange (PDAX) and regional payment giant Triple-A collaborated on the deployment.
The Grab app allows users to cash in by simply selecting “cryptocurrencies,” choosing one of the supported coins, entering the appropriate amount in pesos, and transferring cryptocurrency funds from their digital wallets.
Their GrabPay account is immediately credited with money, which they may use for everything from paying for groceries at partner businesses to taking a morning trip to work.
Grab Development Joins Fintech Push
Following a successful launch in Singapore last year, Grab’s cryptocurrency initiative in the Philippines is a component of the company’s broader Web3 goals. The super app has been progressively growing its range of blockchain and digital asset services.
These have accumulated to over 34 million monthly active users in 500 cities. Web3 wallets, blockchain-based loyalty systems, and non-fungible token (NFT) payments are currently available to users in select regions.
Grab’s most recent integration solidifies its position as a financial behemoth. This consolidates fintech, transportation, and commerce under a single digital platform. “Super apps” are increasingly gaining popularity in Southeast Asia. These apps allow users to schedule rides, order food, make payments, and invest, all of which are effortlessly integrated into one application.
The action might set a standard for other online sites particularly as the Philippines is still establishing itself as a Southeast Asian centre for cryptocurrency usage. Further acceptance among drivers, retailers, and the broader gig economy may also result from this. This would be because they will have additional payment options and be less dependent on cash.
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