Grab says 'open to opportunities' as it sees digital payment consolidation

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SUBANG JAYA (June 26): Grab said it is open to opportunities in the fragmented digital payment industry, where consolidation among players may happen soon. Ride-hailing company Grab runs its digital payment business via GrabPay.

GrabPay managing director for Singapore, Malaysia and the Philippines, Ooi Huey Tyng, said the digital payment market is attracting more service providers.

“We are always open to opportunities,” Ooi said at a media briefing here today, following the launch of GrabPay credits. Reporters had earlier asked her as to whether Grab is in negotiations to acquire any existing digital payment companies.

To compete in the digital payment industry, GrabPay’s main selling point is its capacity to serve the daily needs of users, since the group incorporates transportation and food delivery services, she said. 

Ooi however said GrabPay’s main challenge is converting users to using cashless payments, as Malaysia remains a predominantly cash-based society.