GrabPay, a cashless payment system that was first used for transport purposes, is gearing up to expand its reach by offering its services to 20,000 different merchants across Singapore. So far, reports say that GrabPay has been implemented at "25 hawker stalls and restaurants in the city’s central business district and the largely residential area of Bishan." In the near future, the company plans to expand to the "center areas of Telok Ayer, Tanjong Pagar, and Tiong Bahru" as well.
In addition to being more efficient than traditional cash-based methods, GrabPay will not charge merchants for any transaction fees for their first six months of use, making it more accessible than others systems that are currently available. After the 6 month period, GrabPay will charge merchants a small fee for using its services, however the exact amount has not been revealed as of yet. The company will also reward consumers for using it by offering them loyalty points that can be used through their ewallet.
Expansive Cashless Payment Systems
GrabPay Plans to Offer Its Services to 20,000 Merchants
Trend Themes
1. Cashless Payment Expansion - There could be an opportunity for innovative cashless payment solutions with the potential for wider adoption.
2. Merchant Cashless Payments - Developing cashless payment solutions specifically for small merchants and hawker stalls could be a market opportunity.
3. Loyalty Point Systems - There is potential for the development of innovative loyalty point systems for cashless payment providers.
Industry Implications
1. Fintech - Fintech companies can explore the possibility of creating efficient, effective, and affordable cashless payment solutions can challenge traditional finance industries.
2. Food and Hospitality - Small food industry businesses like hawker stalls and restaurants could benefit from innovative cashless payment systems that cater to their specific business needs.
3. Ecommerce - Ecommerce businesses could carve a niche market to educate merchants implementing cashless payment systems on ways to leverage these systems effectively to maximize sales and revenue.