Grab, an app founded in Malaysia, says that its average cashless user makes twice as many transactions as one who uses cash
founded by Harvard Business School graduates, from the same year. Both have apps that have been downloaded more than 100m times. Both started with ride-hailing and expanded into other logistics businesses, such as deliveries and food-ordering. The story of two South-East Asian “deca-unicorns”—fintechs valued above $10bn—is usually told in terms of their rivalry. This report is more concerned with how ride-hailing services can bring banking to the masses in a largely unbanked region.
At first, the pair’s apps simply put customers and drivers in touch, with payment in cash. Since 75-80% of South-East Asians are unbanked, enabling customers to go cashless required lateral thinking. Inspiration came from the way kiosks and convenience stores sell mobile-phone credit. Now drivers act like mobile top-up stations for in-app credit. Passengers can hand over extra cash on top of their fare and ask the driver to add it to their balance in the app.
The biggest obstacle for each is slow adoption by retailers. Speeding things up means persuading retailers that new ordering and payment options will increase profits. Grab says its average cashless user makes twice as many transactions as one who pays in cash, and is 30% more likely to use several of its services rather than just one.
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