Shah­nawaz Backer, F5 Net­works

Ja­son Thomp­son, Head of Pay­ments, Grab

HWM (Singapore) - - CONTENTS - By Mar­cus Wong Pho­tog­ra­phy Dar­ren Chang

In­stant fund trans­fers have been around since PayPal. What is Grab of­fer­ing that oth­ers aren’t?

To­day more than 60% of peo­ple in Sin­ga­pore are still us­ing cash, but close to 80% of our Grab users (in Sin­ga­pore) are us­ing GrabPay. So why is our wal­let so per­va­sive, and why is cash so per­va­sive out­side of Grab? We look at it from four sim­ple ways.

Num­ber one is safety. The con­sumer sees us con­stantly striv­ing to en­sure that safety and se­cu­rity is de­liv­ered. Num­ber two is that it has to be easy. We serve mul­ti­ple gen­er­a­tions of rid­ers and driv­ers and they all use our app as they’re all very com­fort­able with it.

Third is uni­fi­ca­tion. We have more than 50 nan­cial in­sti­tu­tions that take GrabPay, so we’re condent the con­sumer will be able to choose where and how they want to use their money. Whether that’s cash in or cash out, it hap­pens in­stantly.

Lastly, cash is still very im­por­tant. The con­sumer must never feel like their cash is trapped. If they want cash, you must let them have it.

Do you con­sider $nan­cial in­sti­tu­tions to be your great­est com­peti­tors then?

I don’t think so. I think what you’ll see is that we’re (ac­tu­ally) driv­ing good be­hav­ior. In Sin­ga­pore, there’s high pen­e­tra­tion of credit and debit cards, so why is cash still so preva­lent? I think for some rea­son, the con­sumer doesn’t trust it (credit cards).

When our users use GrabPay, they have to feel safe. An­other is­sue around open ac­cep­tance in Sin­ga­pore is that no­body wants to be em­bar­rassed. You never want to be the guy in the Star­bucks queue count­ing coins – at 8am in the morn­ing.

“…Cash is still very im­por­tant. The con­sumer must never feel like their cash is trapped. If they want cash, you must let them have it.”

Just like in the Visa ads right?

*Laughs* Ex­actly! It’s the same with pay­ments. The last thing you want to do is scan a QR code and your pay­ment not be ac­cepted. Cus­tomers will be em­bar­rassed and they’ll never do it again. So the way we’re ap­proach­ing uni­fi­ca­tion is key. We can’t ever let our cus­tomers suf­fer that ex­pe­ri­ence.

How do you main­tain se­cu­rity when ev­ery­thing is con­sol­i­dated in your mo­bile phone?

(I’ve) got a credit card, cash, and a smart­phone. What’s the safest thing here?

Could you use this card to buy a cof­fee with­out me there? I bet you can. So that’s ob­vi­ously not se­cure.

What about this $50 bill? I bet no one’s re­turn­ing that.

Now, try get­ting my bank de­tails out of my phone. You can re­set the phone and take it for your­self (with­out my in­for­ma­tion), but I can buy a new phone, put my pin in and have all my de­tails back.

So the safest thing on the ta­ble is the phone, and we’re work­ing hard to make it even safer. It’s that sim­ple for me.

Newspapers in English

Newspapers from Singapore

© PressReader. All rights reserved.