Payments platform PPRO adds GrabPay to its list of partners in a bid to tap into a Southeast Asia market estimated to be worth $600 billion this year alone.
GrabPay, developed by cab-hailing app giant Grab, joins a list of 150 local payment methods (LPMs), such as Alipay, WeChat Pay and UnionPay, which will leverage PPRO’s capabilities. The firm is able to reduce digital payment complexities through a «unified offering of LPMs, as well as processing, collecting, reconciling and settling funds – all through one contract and one integration», according to a release.
The GrabPay partnership includes two phases which will be rolled out separately. Firstly, PPRO will support GrabPay’s one-time payment solutions in Singapore and its recently launched e-commerce payment capabilities. Secondly, it will support GrabPay’s tokenised payment option and expand market coverage.
Asia Commitment
PPRO highlights its commitment to the Asia Pacific region not only through the new partnership but it also expects to triple its Singapore staff headcount by 2020 and open additional offices in the region in the coming years. Its Asia head of partnerships, Tristan Chiappini, underlines Singapore’s «well-developed fintech pedigree» as a key enabler of an LPM business for the firm to tap the region's estimated 115 million users – or 8 out of 10 digital consumers globally.
«This will enable us to continue to broaden our LPM service offering, payment expertise, and customer support across the APAC region quickly, and position us as the unifying force of today’s fragmented payments landscape,» Chiappini said. «Our partnership with GrabPay is a testament to this vision.»
London-headquartered PPRO support LPMs across more than 100 countries with around 130 payment presence provider partners and around 100,000 merchants on its platform.
