Grab partners Thai bank to launch e-payment app
Ride hailing firm Grab has formed a partnership with Thailand's Kasikornbank (KBank) to start a mobile payment app.
KBank has also made a US$50 million (S$69 million) investment in Grab as part of the company's ongoing fund-raising round that has also included Toyota, Microsoft and Hyundai Motor Group.
The investment is a first by KBank in an international company with a core business outside of Thailand. The mobile wallet, to be known as GrabPay by KBank, could start operating early next year, it was announced yesterday.
It will allow Grab customers to pay for transport and delivery services, transfer funds, buy products and services online and make Quick Response-code payments in restaurants and shops across Thailand.
The two will also jointly offer products to their customers, including commercial loans and access to Grab for Business to improve corporate transport expense management and increase brand engagement through Grab's ad initiatives.
"Our co-branded mobile wallet and strategic investment in Grab enables us to bring Grab's scale to our merchant and consumer network in Thailand," KBank president Patchara Samalapa said.
The Bank of Thailand has reported that 68 per cent of transactions in the country are still being carried out in cash.
Mr Reuben Lai, senior managing director of Grab Financial, said in a statement: "This partnership makes Grab Financial the first mobile payments platform to launch e-money-licensed payments services across Asean-6."
The Asean-6 countries are Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand. - THE STRAITS TIMES, REUTERS