Grab, the all-in-one app that dominates Southeast Asia, is making strides into the Web3 arena. The company has integrated support for a Polygon-based Web3 wallet and introduced non-fungible token (NFT) vouchers.
This innovative Web3 feature is a result of collaboration between Grab and the Monetary Authority of Singapore (MAS), as reported by Tech in Asia. It’s worth noting that this is currently a short-term pilot program set to run until the end of this year.
Users in Singapore can now spot a novel Web3 button within the app, guiding them to create a wallet on the Polygon blockchain. This wallet opens the door to receiving NFT vouchers for various popular services within the country.
These NFT vouchers can be obtained through the cashback app Fave and used at prominent events like the upcoming F1 Singapore Grand Prix, as well as at eligible businesses and eateries. When a user redeems a voucher, they’ll automatically receive a digital collectible stored directly in their wallet.
These collectibles showcase Singapore’s iconic landmarks and offer added benefits to their holders. Interestingly, the wallets for this initiative use PINs for security, not private keys.
As of now, these Web3 wallets primarily store specific vouchers and collectibles. However, there are plans to expand the range of digital assets supported in the future.
In late 2022, Grab and the payments infrastructure platform StraitsX conducted tests for issuing “purpose-bound money” in the form of digital Singapore dollars (SGD) using commercial digital vouchers. These vouchers facilitated the last-mile settlement of purpose-bound digital SGD.
Back in June of this year, MAS introduced standards for utilizing digital assets on a distributed ledger. During this initiative, Grab collaborated with Amazon and finance company FAZZ on a pilot involving escrow arrangements for online retail payments.
Founded in 2012, Grab has amassed 180 million users and operates in over 500 cities across eight Southeast Asian countries. The app offers a wide range of services, from ride-hailing and food delivery to package delivery, online payments, and financial services.
According to Grab’s latest report, the company achieved impressive results in the second quarter, with revenue soaring by 77% YoY to $567 million and a user base of 34.9 million monthly users.
While Grab continues to expand its services, it’s also venturing into the exciting world of Web3, opening up new opportunities for its users.
