Why Fintech May Be the Future of Ridehailing for Grab, Uber
By Jen Wieczner
In March, Uber merged with Grab, allowing the Southeast Asian ride-hailing rival to take over its business in that region. Now, Grab is offering financial products that Uber never did.
“We’ve been able to focus a lot more on serving Uber’s customers beyond transportation,” Hooi Ling Tan, Grab’s cofounder, said at Fortune’s Brainstorm Tech conference in Aspen, Colo., on Monday. One example: Payments and financial services, a business Tan expects “to be 20 times the size of transportation” revenue.
Grab, a Singapore-based company whose app allows customers to order taxis, cars, and even motor bikes on-demand, has recently expanded into mobile payments. GrabPay—once just a way for passengers to pay their driver digitally with their phones—debuted in November to other merchants and small businesses that can now use the product to accept mobile payments.
Photo courtesy of truk.