PHOTO: GRABGRAB is stepping up its efforts to court micro-entrepreneurs and small and medium enterprises . On Tuesday, the firm launched a slew of financial services targeted at businesses, including an online payment checkout system and a deferred payments product for users of its platform.
Grab's online payment check-out function, called Pay with GrabPay, allows online sellers to accept GrabPay on their websites. The company also launched a Point-of-Sale device integration function so that merchants can tap Grab's user base without having to change their hardware or sales and accounting systems.
The service is the first product launched under Grab's joint venture with Credit Saison, with users bearing no additional costs. Rival Gojek already has a similar product called PayLater in Indonesia. In the coming months, the company will also launch a Pay Later instalment payment product to allow consumers to buy goods right away and spread instalment payments at no interest rate over multiple months.
Fintech firm Credit Culture's founder, Edmund Sim, believes for Pay Later, data is key in ensuring that the default cost can be contained for businesses while allowing consumers to budget and pay for their purchases.
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