SINGAPORE—In southeast Asia, a new report suggests that taxis are not just serving as a means for getting from point A to point B—they are also serving as sort-of mobile banks, complete with their own currency in some cases.
One of the leading ride-hailing firms in the region, Grab, is offering up its ride-sharing credits as a kind of currency that can be used interchangeably throughout the area, Payment Week reported.
Users will be able to send those credits back and forth among other users, and will eventually be able to use those credits at restaurants and retailers, over 1,000 such entries by the end of the year, Payment Week said
“Essentially, Grab is about to make itself just as much an e-payment service as it is a taxi service,” said Payment Week. “That may sound ludicrous, even illegal, but the word is that this is being done mainly to address the substantial numbers of users who don't have access to banking services.”