Cryptocurrency payments available everywhere in Singapore—from Starbucks to shopping malls
Summary
- It is reported that in Singapore, with the super app GrabPay, payments can be made in shopping malls and Starbucks using cryptocurrencies including Bitcoin.
- GrabPay stated that cryptocurrencies purchased from overseas exchanges like Binance can be easily topped up within five minutes.
- With the expansion of the simple payment market, investors’ anticipation is rising for the mainstream adoption of cryptocurrency payments.
Cryptocurrency A to Z
Top-up of Bitcoin and more allowed
Southeast Asia 'Super App' GrabPay
QR payment available in Singapore
"GrabPay accepted here." On the 15th, at Raffles City, Singapore's largest shopping center. After loading a total of $100 worth of cryptocurrency into GrabPay, I made purchases at various stores, including Lululemon and Starbucks, where GrabPay payments are supported (see photo). The transaction was simple. After scanning the QR code, payment was completed in just one second. GrabPay could also be used to hail a taxi through Grab.
Grab is referred to as a super app in Singapore and other Southeast Asian countries. It offers a range of services—including taxis, food delivery, courier services, and wallets—all through one platform. Among these, its wallet service GrabPay began allowing top-ups with cryptocurrencies such as Bitcoin from last March.
The process to top up cryptocurrencies into GrabPay is straightforward. After purchasing cryptocurrencies like Bitcoin, Ethereum, Tether, or USD Coin from overseas exchanges such as Binance, simply select 'Withdraw to GrabPay wallet' from your wallet, and the top-up is completed within five minutes. To top up cryptocurrencies into GrabPay, you need a local Singapore phone number.
Not all stores currently offer easy payment with cryptocurrencies. Only 20 out of 50 stores in Raffles City supported GrabPay payments. However, this is expected to improve as more merchants begin accepting GrabPay.
Regular store staff and taxi drivers responded they were "not very familiar" with cryptocurrency payments, indicating that there’s little difference from using a credit card or a bank account-linked payment.
The rise in stock prices of local payment companies such as KakaoPay after the launch of the new administration is also being attributed to expectations that cryptocurrency payments will become mainstream in Korea.
Singapore = Jinwook, Bloomingbit Reporter wook9629@bloomingbit.io
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
