GrabPay is very simple, it's just an alternative payment to cash.
There's a QR code, you scan the QR code, you enter the amount, and press pay.
It's as fast as cash, it's as easy as cash, and it's more secure than cash.
We're focused on food because if we look here in Singapore, there's about 20,000
merchants that don't accept any payment methods today.
When we first spoke to the hawker centres and said, "Why do you take cash?", and
they said, "Well, you know, cash is easy, cash is simple, we can just take it, we can
put in the drawer and it's really fast."
And then we asked them about the problems around cash and they were saying, "Well,
sometimes we get challenged over the amount."
So we just looked at a simple way where any point we can take money very quickly, as fast
as cash, we can reconcile faster than cash, and the merchants can understand their business
very quickly.
If there's any challenge to that transaction, the response from the merchant is instant.
It's like, "Ok, have your money back.", and it's that quick.
I've not tried this cashless payment at my store, so I thought, "Why not?
Why not to give it a try?".
It seems to be working here because that's what we need here basically, because during
the rush hour, or during lunch, when the customers are coming with big bills, like 100 bills,
50 bills, so we have to give them change and everything, so it's going to be pretty tedious.
So with GrabPay, cashless payment, it does really help a lot.
So far, it has been very promising and very positive.
It expedites the transaction and also for us merchants, there're rewards as well.
There're rewards in terms of how many transactions involved in a day, if let's say for example,
more than 20, there is an, I think, additional of 10 or 20 dollars, something like that.
I think the biggest thing is perception from industry.
Why is this ride-hailing company going into payments?
I think there's probably a bit of a lack of trust with the merchants, and we're trying
to breach that trust, and we're trying to develop something that they believe in.
And I think we're breaking down those barriers very quickly.
Today, we have over 60 financial institutes that are connected to GrabPay.
They look at us as a recognizable partner in the industry and somebody who is credible
in payments, otherwise they wouldn't put their energy into our organization.
To collect full payment by GrabPay totally, everyday, I think, not say impossible, it's
possible, but somehow or rather, for merchants like us, we still use certain amount of cash
to make some payment to our suppliers everything.
So, if we need to go to an ATM machine all the time, everyday,
it's going to be quite cumbersome.
So, I think, certain percentage by cash and more of it by GrabPay is good.
We really look to solve problems.
So, we think there's a problem around moving money around Southeast Asia,
and that's something we'll continue to look into and
see whether it's something we can be relevant in.
We're looking at B2B, you know, how the merchants pay for their food that they're
going to serve to consumers, is that something we can solve problems in and be relevant in?
There's lots of ways that our product, our services, can help the nation.
We're just looking for what problems we are solving first.
Based on what they've done so far, I think it's benefited both, so I think I wouldn't
mind to carry on, I mean, this so-called partnership or even collaboration with Grab.
So it's really a win-win situation.
I think the consumers are ready for a world of cashless payments.
Today, there's a payment wallet in Singapore that can serve 4 million people.
We think that's quite incredible and we're moving from a very desperate and fractured
landscape to one that's consolidated by Grab.
So if we focus our energy on cash, we'll solve for cash.
If we focus our energy on the existing players in the market, I think we'll be distracted.
I'm very respectful of them, but I'm focused on cash.
You should expect GrabPay to be everywhere in Southeast Asia pretty quickly
and we're really excited about that.
Last year was a year of planning, this year is a year of execution.
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