September 10, 2023

Grab Launches Web3 Services, Including NFT Vouchers

Grab

Grab

Grab, the popular super-app in Southeast Asia has added web3 services to its platform. This includes NFT voucher offerings in partnership with the Monetary Authority of Singapore (MAS).

The app boasts over 34.9 million monthly active users and operates in 500+ cities as of Q3 2023. This update allows users to create Web3 wallets within the app conveniently. Additionally, users can earn rewards, making it an appealing option for those interested in decentralized finance (defi).

Furthermore, Grab is at the forefront of incorporating NFTs into daily consumer transactions. Users can now make payments with NFTs by using the app, which is a significant step towards the widespread acceptance of these digital assets.

A significant development is that Grab has joined forces with the MAS to provide NFT vouchers for popular dining and entertainment options in Singapore. This is a government-backed initiative to showcase the effectiveness of Web3 technologies in consumer services, which could lead to additional collaborative efforts in the future.

NFT vouchers can be used by users at numerous participating merchants in Singapore. These merchants include Irvins, Mint Museum of Toys, Mount Faber Leisure Group, Jumbo Seafood, LAC, Eu Yan Sang, KOI, The Grande Whiskey Museum, DUCKTours, City Tour Bus, Andaz Singapore, Spinelli, and myEureka.

It seems that this new feature is currently only available in Singapore. However, this could be a potential trial for launching it in other cities and countries where Grab operates.

It’s worth noting that the partnership with MAS is not a one-time occurrence.

In fact, Grab already participated in a study with the financial institution back in June. The study aimed to investigate the use of digital assets like central bank digital currencies (CBDC), tokenized bank deposits, and stablecoins. Furthermore, Grab has teamed up with Amazon and Southeast Asian financial company Fazz to test a new payment system based on digital assets called Purpose Bound Money.

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