Uber rival Seize hits the gasoline on its digital funds platform in Southeast Asia
Seize, the primary rival to Uber in Southeast Asia, has stepped up its efforts to construct a funds platform after it started permitting customers to retailer credit score inside its app.
On the face of it, that may not sound like an enormous advance however, bear with me, it’s notable.
The Singapore-based firm introduced again in July that it will develop a cell funds platform — GrabPay — to assist differentiate itself from rivals and encourage engagement from its customers. We’ve seen this earlier than in India, the place Ola — a Seize ally — really span its Ola Cash service out right into a standalone app. The thought is that providing a spot to retailer money for on a regular basis funds helps maintain the app sticky and in rising markets there’s huge potential since many thousands and thousands are unbanked and there’s no go-to digital possibility.
A key a part of that drive is to permit cash to be saved inside GrabPay, and as of as we speak Seize is enabling that for its customers in Indonesia and Singapore. It plans to roll the characteristic out to its 4 remaining markets — Thailand, Malaysia, Vietnam and the Philippines — “within the coming weeks.”
Credit score and debit playing cards can be utilized to load cash into the GrabPay pockets, but it surely additionally helps on-line banks, native ATMs, native wallets and over-the-counter at chosen comfort shops. The long-term purpose Seize is banking on is that it could assemble a prolonged record of companions that makes GrabPay worthwhile for storing individuals’s money for extra than simply transportation wants. I.e. reaching that time consumer will pay their water invoice, use it to pay for a couple of groceries from 7-11 retailer, and so on, utilizing GrabPay.
“We consider mastering cashless funds is essential to our mission of ‘driving Southeast Asia ahead’ to enhance individuals’s well-being and speed up the transfer to an more and more cashless society,” Seize co-founder Tan Hooi Ling stated in a press release.
Till the beginning of this yr, Seize didn’t even settle for funds by bank card, it was strictly cash-only rides, so it has put its foot down on digital funds in 2016. It isn’t alone in pursuing this coverage, nevertheless. Apart from Ola in India, GoJek, the billion-dollar motorcycle on-demand service in Indonesia, can be going after funds in the identical geography.
Seize, which claims 24 million downloads and a pool of greater than 500,000 drivers, will intention for pole place because the race transitions from vehicles on-demand to digital funds.