Grab Launches Web3 Wallet and NFT Vouchers

Samiksha

In the Southeast Asian region, the ride-hailing app known as the "Uber of Southeast Asia," Grab, has recently received some exciting news! Grab has joined the ranks of Web3 services and has currently opened this feature for users in Singapore, marking a significant step forward. This means that users in Singapore can now set up a Web3 cryptocurrency wallet within the app to store Non-Fungible Tokens (NFT) vouchers. What's even more anticipated is whether Grab's next move will support crypto payments for its 180 million users.

Let's start with a brief explanation of what Grab is. Grab is the largest multi-function app in Southeast Asia, with a staggering 180 million users and around 35 million monthly active users. It offers various services, including ride-hailing, food delivery, parcel delivery, and online payments, and it operates in over 500 cities. It's safe to say that Grab has become an integral part of people's lives in many aspects.

This new Web3 feature is a collaboration between Grab and the Monetary Authority of Singapore (MAS), providing Singaporean users with the option to set up a Web3 cryptocurrency wallet. When users click the Web3 button in the app for the first time, they will be guided to create a Web3 wallet. This wallet is centralized and currently hosted on the Polygon blockchain network, supporting the Polygon network exclusively for now. Although the wallet doesn't have private keys, it includes a PIN code and an account recovery method based on questions and answers. Currently, Grab supports two digital assets, including SG Pitstop NFT vouchers and SG Pitstop Pack digital collectibles, which can grant related discounts.

Grab has stated that they are researching the possibility of expanding the types of digital assets that the Web3 wallet can store. While specific features for cryptocurrency payments have not been mentioned yet, it's reasonable to speculate that if regulatory considerations align, Grab could potentially support cryptocurrency payments within its wallet, further expanding the use cases for crypto payments and directly benefiting from its nearly 200 million user base.



This isn't Grab's first foray into the Web3 space. In June of this year, the company signed a pilot research collaboration agreement with the Monetary Authority of Singapore to explore the use of Central Bank Digital Currencies (CBDCs), tokenized bank deposits, stablecoins, and other digital assets. Additionally, Grab partnered with Amazon and Southeast Asian financial services company Fazz to test a new online retail payment system arrangement based on digital assets called "Purpose-Bound Tokens."

The integration of Grab with Web3 is indeed a noteworthy step, marking the adoption and spread of blockchain and cryptocurrency technology in the Southeast Asian region. While it's currently unclear how Grab will further develop its cryptocurrency functionalities, this move could potentially change the payment landscape and financial ecosystem in Southeast Asia. Under the leadership of Grab, the Southeast Asian region could become a significant growth market for cryptocurrencies and blockchain technology.

Jiten171

This is like a game called "Grab: Web3 Adventure" where you can summon a ride to dig for NFT treasures and pay with digital currency. And most importantly, this game is not limited to the virtual world; it's changing the way we make payments in the real world.

Niti998

If NFTs are already usable within applications in Singapore, I believe that slowly, other countries will follow suit, and cryptocurrency payments will become increasingly common.

Kabir903

Payment methods are constantly innovating now.