Users can remit and receive money directly from their GrabPay wallet.
Grab rolled out its wallet-to-wallet remittance product which is set to launch in early 2019 in a bid to deepen its financial inclusion across Asia and cement itself as ASEAN’s e-wallet, an announcement revealed.
The service will allow both banked and unbanked senders to remit money to receivers in other countries using their GrabPay wallets, Grab said. Receivers can then cash out the remitted sum or use it to complete transactions via their e-wallets.
“We believe this remittance product will be a game changer for millions of unbanked or underserved individuals across Southeast Asia,” Grab Financial senior managing director Reuben Lai said.
Grab added that the service would pave the way for a multi-currency ASEAN travel wallet as it would reduce payment friction for intra-ASEAN tourism and business travel, whilst enhancing cross-border e-commerce opportunities.
Based on World Bank data, Southeast Asia’s remittance market was estimated to be worth $70b in 2017. The current market is dominated by money transfer operators (MTO) and financial institutions.
Grab made the announcement during the 33rd ASEAN Summit.
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