Nov. 15, 2018
Grab announced what it calls the first wallet-to-wallet remittance service in Southeast Asia, the initial step in a plan to allow cross-border transfers that will enhance instant financial access for millions of migrant workers, according to an announcement made at the 33rd annual ASEAN summit and a company spokesperson.
The service, scheduled to launch in 2019, will allow workers to remit payments in other countries in the region using their GrabPay wallets, and the receiver can use the funds to use the Grab app to pay bills, make purchases or cash out funds.
The region has millions of vulnerable migrant workers, many of them without bank accounts, who need to rely on incumbent money transfer operators or financial institutions. They often have to spend hours in line to get their paychecks cashed, according to the spokesperson.
Grab will reveal more information about the pricing structure as the launch date approaches.
Topics: Bill Payment, In-App Payments, Mobile/Digital Wallet, Region: APAC
Companies: Grab
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