Ride-hailing app Grab has announced the addition of Web3 functionalities to its service, designed to offer Singaporean users novel ways to interact with the platform.
The app’s latest functionalities will allow users to create a Web3 wallet with the push of a few buttons without the need to exit the application, Tech in Asia reported. Per the report, Grab will offer customers non-fungible token (NFT) vouchers from eligible restaurants in the country.
The NFT vouchers, depicting famous landmarks, have the additional functionality of earning holders new rewards, such as discounts on purchases. The NFT vouchers can be used to make payments at select enterprises, including the Mint Museum of Toys, stored on the digital wallet hosted on the Polygon network.
A Grab spokesperson confirmed that the NFT voucher service will run till the end of the year, terming it a “short pilot.” He added that the move is designed to run simultaneously with the incoming F1 Singapore Grand Prix, scheduled for the middle of September.
Grab says the service will feature prominently at the Grand Prix events, allowing users to obtain services at a discount.
Although the initial report shows the Web3 functionalities will only be available to Singaporean users, experts believe the service could be rolled out to other Southeast Asian countries. Grab has an extensive presence in Cambodia, Indonesia, Myanmar, Thailand, Vietnam, and the Philippines.
In Q3, the company recorded over 34 million monthly users, and its presence in over 500 cities could trigger a spike in Web3 adoption in the region.
The ride-hailing super app rolled out its latest Web3 offering in partnership with the Monetary Authority of Singapore (MAS). In June, MAS onboarded Grab as a participant in its pilot study to explore the use of stablecoins, central bank digital currencies (CBDC), and tokenized bank deposits for payments.
Grab’s foray into Web3 saw it collaborate with Amazon (NASDAQ: AMZN) and Fazz for an experiment using Purpose Bound Money, a digital asset-based payment service.
A thriving space in Singapore
Despite the scars from 2022, Singaporean regulators continue to have faith in Web3, with MAS pledging over $100 million to drive innovation in the space. A July ruling by a Singapore High Court that conferred property rights on digital assets gave a jolt to industry players as optimism ran high.
Alongside the innovation and support from the legal system, Singapore has rolled out several guardrails to ensure greater investor protection. Service providers are expected to “segregate customers’ assets” from their proprietary funds and hold assets in a statutory trust to enable clients to recover funds in bankruptcy.
Watch CoinGeek Conversations with Somi Arian: Could BSV be the Microsoft of Web3?
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
