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Uber Could Be Getting Into The Micropayments Business Soon

Uber, the ride-sharing app that revolutionized collective transportation could be getting into the Fintech business model, featuring micropayments between users and stores if it opts to follow the model that a partner company called Grab is implementing in Singapore, according to an article by Fortune. According to them, the payments and Fintech market presents a more ample market and a good opportunity to reach new users.
Grab is also a ride-sharing startup based in Singapore in which Uber has made a significant investment: they hold more than 25% stake there, after selling its Southeast Asia business to them, failing to compete and trying to consolidate in the country. But now its sibling company is doing something that they never had the intention to do: branching out to the payments industry.
GrabPay is the name of the offshoot app that Grab started just to promote recently, a startup that was made to replace the direct payment of Grab transportation services with cash, a thing that they still permit, but they hope to phase out real soon. It works like a mobile wallet that lets you top up “GrabPay Credits” in order to spend it on Grab affiliated stores. Obviously, they are betting highly in turning themselves into a strong regional payment network.
But the real question is if Uber could have something to do with this initiative as a study to see if they could do the same thing in a more developed market? Uber is one of the most popular transportation services in the United States, and has dethroned classic taxis companies. This vast user base could be useful for extending into a payment network that could take off, but for this, it should offer something unique to make people switch from using their favorite established payment processor to using them. It is indeed a great opportunity, but with so many already established payment processors, it will surely face a stiff competition.

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