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Grab Financial Expands Merchant Services

Grab Financial Expands Merchant Services

(26 October 2021 – Singapore) Grab Financial Group (GFG), the financial services arm of Grab, is expanding its merchant services, including offering “buy now pay later” (BNPL) options.

The group has inked new partnerships with payment gateways 2C2P, Razer Merchant Services and iPay88, among others, to increase merchant adoption of its BNPL service, PayLater.

BNPL has been under scrutiny by the Monetary Authority of Singapore since early this year, as worries mount over increasing consumer debt risk. Consumers globally, though, appear to still be keen on BNPL, according to a Capgemini report.

GFG also launched GrabMerchant Commerce, a platform that aids businesses in building websites for e-commerce, offering support in areas such as marketing and branding development, automation, customer relationship management (CRM), inventory and logistics. Merchants will also be able to access best-practice sharing among the GrabMerchant Commerce community, along with advice from e-commerce specialists.

“Digital payments are a key enabler to unlock e-commerce growth, and BNPL is fast rising in popularity as an e-commerce payment method. 9 in 10 Southeast Asians do not have credit cards and the flexibility of making interest-free payments is an attractive proposition which enables better financial management for them. With PayLater, consumers can pay next month and earn GrabRewards, or pay in four interest-free instalments,” said GFG Managing Director and Head of GrabPay Chris Yeo.

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