Grab has announced a partnership with Kasikornbank Public Company Limited (KBANK) to launch a mobile payment application GrabPay by Kbank on Thursday, November 11, 2018.
GrabPay by Kbank is a mobile wallet which will allow customers to pay for the transport and delivery fees, transfer payment, use online services and purchase products, as well as QR-code payments in restaurants and shops across Thailand. The app is expected to launch in early 2019.
KBANK had made a strategic investment in Grab for ฿1.64 billion as part of Grab’s ongoing fundraising round that includes Toyota Motor Corporation, Microsoft Corp, Booking Holdings and Hyundai Motor Group. Beyond the e-wallet, features from KBank’s K PLUS app and the Grab app will be integrated across both platforms.
Reuben Lai, senior managing director of Grab Financial, stated that this partnership will make Grab Financial the first mobile payments platform to launch e-money-licensed payments services across Asean-6 (Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand) and underlines the strength of our partnership-based strategy.