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Grab, the everyday app in Singapore, has teamed up with Triple-A to enable individuals to use crypto for payments. This comprehensive platform announced via Strait Times that it has partnered with the licensed payment provider to accept up to 5 blockchain tokens. Following this announcement, users will be able to top up their e-wallets using blockchain digital assets.
This is a significant step in a country where cryptocurrency is not considered legal tender. Considering how important this milestone is, Tectum is evaluating its impact on the crypto industry. More importantly, we will consider how it will change people’s understanding of blockchain and digital assets. Without further ado, let’s get into the details.
For those who do not know, Grab is an all-in-one application whereby individuals can pretty much do everything. This ranges from booking taxis, 2-wheelers and ride-shares to purchasing food from restaurants and groceries from supermarkets. The app also offers financial services, whereby individuals can send and receive money.
While the news broke out this week, Triple-A had already been working on an in-app wallet for Grab since September 2023. During that period, Grab also partnered with Circle to test a blockchain-based wallet that will serve as a medium for storing cryptocurrencies. Underground work continued until the feature was rolled out on March 12th.
Grab Singapore will start by accepting 5 crypto coins for payment, 3 of whom are stablecoins. The acceptance tokens include Bitcoin (BTC), Ethereum (ETH), StraitsX’s Singapore dollar (XSGD), Circle’s (USDC), and Tether’s (USDT). Therefore, more individuals will be able to fund their accounts using these tokens mentioned above. The amount will be converted to its equivalent in Singaporean Dollars, which can be used to pay for online services.
Although Grab is in several Asian countries, this feature is only available in Singapore. There is no update as to when the feature will become available in other countries.
News of Grab Singapore accepting crypto for payment is a massive boost for the blockchain industry. It implies that things are moving in the right direction. Contrary to what most people think, Bitcoin, Ethereum, Tectum Emission Tokens are not more valuable when they attain all-time highs.
Cryptocurrency is simply a cryptic currency or a more secure form of money. Being a store of value is just one of its features. Another crucial and often overlooked aspect of currency is that it is a medium of exchange. Instead, people are more focused on buying and hoarding cryptocurrencies in a bid to make profits. Even traders are more intent on making profits than actually spending blockchain tokens.
News like Grab’s new milestone will encourage more people to spend their crypto and facilitate the exchange of tokens. This is one of the best ways to encourage individuals who do not trade crypto to do so. To most people outside the niche, their knowledge of Web3 is limited to cryptocurrency trading. This explains why they see it solely as a risky venture and refuse to associate themselves with it.
More so, this behaviour is not limited to those outside Web3. Even blockchain enthusiasts hardly pay for products or services using their portfolio. There are individuals who mock Laszlo Hanyecz for paying 10,000 units for two Papa John’s pizzas. What they do not realize is that Laszlo used Bitcoin correctly.
More startups and existing firms can take a cue from Grab Singapore and start incorporating crypto for payments. If you are wary of volatile tokens like Bitcoin and Ethereum, they can incorporate stablecoins like USDT. Adopting cryptocurrencies for payment can help businesses expand and sell to a larger customer base.
Several people are looking for suitable mediums to pay for products using blockchain tokens. 39% of respondents to a study believe that crypto should be used for payments, not just investments. In that same research, in 2022, 40% of people between the ages of 18 and 40 say that they are willing to pay for products and services. 10% of the 40% say that they would love to use digital assets to pay for goods regularly.
The apprehensive individuals stated that they are unwilling to use cryptocurrency because they believe it is a risk. Even these persons said that they are willing to reconsider if the risks become less significant. With proper adoption and the use of stablecoins, firms can change the opinion of the populace about crypto.
While other companies are still sitting on the fence regarding crypto adoption, Tectum is developing products that will make cryptocurrencies like Bitcoin, Ethereum and USD Tether spendable. Some of our products include the following:
Are you a business owner looking to accept cryptocurrency as a payment method? Register for SoftNote Pay for the best blockchain solution for crypto-related transactions.
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