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Thailand’s Kasikornbank has made a strategic $50 million investment in ride-hailing app Grab as part of plans to launch the company’s GrabPay wallet in the cash happy Thai market.
The launch in Thailand completes a six-pack of Asean countries for Grab’s popular mobile money app, following incursions in Singapore, Malaysia, Indonesia, Vietnam and the Philippines.
According to Bank of Thailand, 68% of all transactions in the country are carried out in cash, which costs the Thai economy millions of Baht each year. Set for launch in 2019, the co-branded GrabPay by KBank app will enable users to pay for transport and delivery services, transfer funds to friends and family, purchase products and services online, and make QR-code payments in restaurants and shops
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