GrabPay and Stripe partnership to help merchants tap into Southeast Asia’s e-commerce growth
GrabPay has announced a partnership with Stripe. The partnership will enable businesses across SEA to offer consumers a more rewarding and convenient online payment method through GrabPay.
- Partnership between Stripe and GrabPay enables businesses across Southeast Asia to offer GrabPay as an online payment method through Stripe, simply and easily
- Carousell, a merchant-partner in the initial pilot, has seen online transactions rise by nearly 20% since making GrabPay available as a payment method via Stripe in Malaysia
- GrabPay allows businesses on Stripe to connect to millions of Grab users, and improve retention through its GrabRewards loyalty program
SINGAPORE, 27 May 2021 — GrabPay, the leading digital wallet in Southeast Asia (SEA)  today announced a partnership with Stripe, a global technology company that builds economic infrastructure for the internet. The partnership will enable businesses across SEA – starting in Singapore and Malaysia – to offer consumers a more rewarding and convenient online payment method through the GrabPay Wallet.
Carousell, one of the world’s largest and fastest growing classified marketplace platforms, has seen an increase in online transactions of nearly 20% since October 2020 after making GrabPay available as a payment method via Stripe in Malaysia. In particular, Carousell has seen a significant growth in sales from younger demographics via GrabPay – through items such as apparel (e.g. clothes and sneakers) as well as lifestyle technology products (e.g. video games and accessories, and gadgets). Other key sales drivers for Carousell include the ability for consumers to earn GrabRewards points through GrabPay purchases, pay with points to stretch the value of their earned points by using it as a form of currency, as well as increase mobile conversions through seasonal GrabPay marketing campaigns.
GrabPay allows merchants to connect to millions of Grab users, and improve retention by providing access to GrabRewards, its leading loyalty program. Research by Bain, Google and Temasek showed that in 2020, newfound online habits grew e-commerce gross merchandise value in SEA to US$62 billion. Stripe’s partnership with GrabPay will enable businesses in Singapore and Malaysia to tap into this e-commerce growth by managing GrabPay, card payments, and other popular local payment methods within one single integration. GrabPay works with both Stripe Checkout and API integration, allowing merchants to support payments in both Singapore Dollar and Malaysian Ringgit currencies.
Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group said: “Our partnership with Stripe represents another milestone in our journey to build an e-wallet that can pay for the widest range of everyday needs in Southeast Asia in a safe, convenient and rewarding manner. With e-commerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments experience for Southeast Asians. This partnership also builds on our ongoing efforts to help businesses grow online in an increasingly digitally reliant world.”
Lakshay Kalra, Product Lead for Payments & Shipping, Carousell said: “We are excited to partner with Stripe to accept GrabPay on Carousell in Malaysia. As an additional payment method on Carousell, our users will have more simplified digital payment options and an enhanced shopping experience with us. We see promising results by enabling GrabPay on our platform. We believe that this partnership will make selling and buying much more efficient for our users.”
Krishnan Rajagopalan, Head of Partnerships APAC, Stripe said: “Stripe and GrabPay share the goal of making online commerce as frictionless and convenient as possible, so that ambitious companies in Southeast Asia can grow their business. This partnership is a very important milestone for Stripe in Southeast Asia – enabling GrabPay as a payment method on Stripe further adds to our Global Payments and Treasury Network, a programmable infrastructure for global money movement.”
 Euromonitor International Limited. “Digital wallet” is defined as a software-based system that allows consumers to perform digital and/or electronic payments to a business or individual for either goods or services. Category position was determined based on Total Payment Volume (TPV) for the year of 2020. Southeast Asia refers to Indonesia, Malaysia, Singapore, Thailand, Philippines and Vietnam only.