Uber-like app “Grab” incorporates NFTs into its business model
Grab, Southeast Asia’s dominant ride-hailing super-app, is now venturing into the realm of blockchain-based services. The platform will now enable users to create a Web3 wallet and earn non-fungible token (NFT) rewards using the Polygon network.
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Introducing NFT payments and vouchers
An intriguing tie-up between Grab and the Monetary Authority of Singapore has emerged as well. The partnership aims to provide NFT vouchers that can be redeemed for sought-after dining experiences and activities in Singapore.
Beyond the mentioned rewards, it seems users will also have the opportunity to execute payments with NFTs. The wallets will use a PIN password instead of a private key, and accounts can be recovered using question-answer prompts. All of this information is based on screenshots from the Grab app.
Grab’s versatility
Present in over 500 cities and used by over 180 million people, Grab has a significant influence in the Asian region. With its extensive user base, Grab recorded a massive 34.9 million monthly transacted users as of Q3 2023.
Beyond ride-hailing, the platform offers services. This includes food and package delivery, similar to Uber Eats, and a seamless online payment system.
Initial indications hint that the Web3 services will debut in Singapore, one of the most crypto-friendly regions in the world.
Testing the waters beforehand
Earlier in June, the tech giant made headlines by collaborating with the Monetary Authority of Singapore. The company conducted a pilot study centered around the exploration and potential use of three digital assets. They included central bank digital currencies (CBDCs), tokenized bank deposits, and stablecoins.
But that’s not all. Amazon and Southeast Asian financial juggernaut Fazz joined hands with Grab. Together, they delved into testing escrow setups for a pioneering digital asset payment system named Purpose Bound Money.
With this move into Web3, Grab continues illustrating its commitment to innovation. However, it remains to be seen f its vast user base will be willing to adopt blockchain-based services.
