Forward together on Grab’s growth journey
Established in 2013 in Singapore, Grab has rapidly grown to become Southeast Asia's leading on-demand transportation and mobile payments platform. As of January 2018, Grab has more than 2.3 million drivers accepting bookings from passengers across 168 cities in eight countries – Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.
Grab has an ongoing commitment to improving the lives of its drivers (who are referred to as partners) on whom the success of the company is founded, and on which customers rely on for a safe, convenient ride. Despite Singapore being a leader in digital payments, more than 70 percent of taxi and car hire fees are still paid in cash1, according to the Monetary Authority of Singapore.
One of the reasons for this is that in the past, drivers have been hesitant to accept cashless payment, such as debit and credit cards, as it takes at least a day to receive payment, and came with additional surcharges.
However, in an increasingly cashless society, cashless payment is fast becoming the new norm. To encourage more taxi driver-partners to accept cashless payments, Grab began searching for a more convenient cashless payment solution that would enable instant cash out for driver-partners. The ability to convert cashless fares into cash would give driver-partners a greater sense of security and control over their earnings. Industry research revealed that competitor banks offered solutions based on GIRO, which only offered next-day payment. Grab selected DBS based on its proven digital expertise, innovative approach and service quality.
Embarking on the cashless journey
To create a seamless, cashless experience for both passengers and partners, DBS has worked with Grab to implement a solution using DBS IDEAL RAPID, an API (application programming interface) based on DBS' Bill Payment service. This is an omnichannel B2C collection solution that spans the bank's web- and mobile-based banking services, ATMs and DBS PayLah!, its innovative peer-to-peer payment network. By leveraging DBS' existing banking infrastructure through IDEAL RAPID, the solution could be integrated quickly and seamlessly for both Grab and its partners.
Instead of receiving payment in one or two days, Grab's partners can instantly transfer and withdraw fares (Cash Out) collected via GrabPay, Grab's mobile wallet solution, through ATMs across Singapore.
Driving value, expanding horizons
The benefits are substantial for Grab's taxi driver- partners. They now have real-time access to cashless fares, and have greater peace of mind when accepting cashless bookings. As credit wallet top-ups are quick and easy, partners can spend less time on finance and administration, and more time serving customers.
"We always strive to ensure all our drivers have the easiest and most convenient experience when they drive with us. Working with innovative partners like DBS provides our drivers with easy options and freedom to cash out their cashless earnings instantly, whenever they wish and wherever they want."
Melvin Vu, Head for GrabTaxi Singapore
1Monetary Authority of Singapore Payments Roadmap, 2016
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