Grab introduces GrabPay to incentivize cashless society
Over the past 10 years, digital technology has played significant roles in our daily lives ranging from connectivity and communication. Digital economy also makes global economic change, as forecasted by total market values of digital economy in ASEAN would reach USD2 trillion by 2025.
- Grab opens “GrabKitchen” aiming to cover nationwide kitchens.
- Grab in partnership with Citi to issue credit cards connecting with new lifestyles.
In Thailand, digital technology is widespreadly used in various sectors, hence, driving to transform Thailand 4.0 by promoting households to easily access financial services as priority agenda. During the Digital Thailand Big Bang 2019, Prime Minister Prayuth Chan-o-cha reiterated the importance of big data and seamless connectivity between public and private units amid the digital transformation age and pushing Thailand into digital economy and gaining competitive advantages among ASEAN countries.
Based on Bank of Thailand’s data, it is reported that
- 30% of total Thai households are non-account holders and cash remains actively used.
- 80% of total purchases are made by cash, which is accounted for 1% of Thailand’s GDP or THB 50 billion each year
Mr. Vorasak Lakanaroj, Managing Director of GrabPay Financial Group based in Thailand, mentioned in the Digital Thailand Big Bang 2019 seminar that Grab’s vision is to connect those non-account holders and those who are unbanked and do not have insurances into any services under Grab applications by making easier payment services which will effectively enhance connectivity under Grab’s ecosystem at the end. One of key problems in Southeast Asia including Thailand’s digital economy is payment services. By encouraging people to access financial services will benefit those SME enterprises and in response to the govt and BOT’s guidelines into cashless society.
Besides, Grab has launched GrabPay Wallet Powered by KBANK in Thailand last 3 months to serve clients using their applications in payment services.