Grab today unveiled its remittance offering under its financial services arm. This marks a significant milestone towards Grab’s vision for one ASEAN e-wallet that will deepen financial inclusion for the region’s growing middle-class consumers and micro-entrepreneurs.
As the region’s first wallet-to-wallet remittance product, Grab’s remittance product will allow both banked and unbanked senders to remit money instantly and securely to receivers in another country using their GrabPay wallets. As opposed to existing options in the market, receivers can access transferred funds instantaneously.
Recipients will be able to cash out the remitted sum, or use it to make payments and complete transactions directly from their GrabPay wallet.
Grab, which will take overall responsibility as the guarantor for transferred funds, said the remittance product will be followed by a multi-currency “ASEAN travel-wallet” that tourists and international workers can use across the region.
Grab said the remittance feature will go live in early 2019.