To be a little Friedman in a taxi here: when I was in Jakarta, you could see the huge banking expansion available in converting much of the country to cashless. All these merchants and buyers (people, if you will) who are purely cash based and don’t have bank accounts. And that’s just one (albeit it, giant) city:
Ooi Huey Tyng, MD, GrabPay Singapore, Malaysia and Philippines, says: “The whole industry needs to come together to make the cashless economy a reality in Malaysia. We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.
“With GrabPay mobile wallet as the leading payment method on our Grab app, it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle.”
Also, I love this “cashless” term. So much better than “mobile payments.”
Original source: Ride-hailing app Grab partners Maybank for mobile wallet launch