Southeast Asian focused ride-hailing service Grab has added peer-to-peer (P2P) fund transfer feature to in GrabPay mobile wallet in Singapore.
The newly added feature will enable consumers to instantly transfer GrabPay credits to one another.
The company said that it intends to further develop the P2P fund transfer technology to allow users make payments with merchants in F&B, retail and entertainment industry by the end of this year.
GrabPay head Jason Thompson said: “Every day, over 75% of Grab users in Singapore go cashless and use GrabPay to pay for rides. Grab users are familiar with using mobile payments for daily transactions, via the Grab app.
“Fund transfer is the first step to expand the use of GrabPay as a mobile wallet. Today, users can transfer money to one another; in the coming months, they can look forward to use GrabPay to buy food or other goods and services from physical shops.”
Additionally, the company has introduced a new six-digit GrabPay PIN as a second factor authentication to make the mobile wallet more secure. Onlt those clients who have credits more than $150 in their GrabPay account will be required to activate the PIN.