Grab, a major ride-sharing platform in Southeast Asia, is diving into the world of Web3 by incorporating NFTs into its business model. They are set to introduce a Web3 wallet within their app, offering a collaboration with the Monetary Authority of Singapore.

In this venture, Grab will enable users to make payments using NFTs, streamlining transactions. Additionally, they will provide Web3 wallets and NFT rewards through the Polygon Network. These rewards, including vouchers for dining and leisure activities in Singapore, can be easily redeemed.

Importantly, Grab’s approach to wallet security differs from traditional blockchain methods. Instead of private keys, they will use PIN passwords. Users who forget their passwords can recover them through question-answer prompts.

Grab is a well-established company with a presence in over 500 cities, serving more than 180 million people across Southeast Asia. They offer a diverse range of services, including food delivery, making them a regional equivalent to Uber.

Singapore, known for its crypto-friendly environment, will witness the initial launch of Grab’s Web3 services. Grab has been actively exploring digital assets in collaboration with the Monetary Authority of Singapore. They have also been making strides toward partnerships with Amazon and Southeast Asian finance company Fazz, with plans for a digital asset payment system called “Purpose Bound Money.”

However, the challenge ahead is whether Grab’s extensive user base will embrace this transition to blockchain technology.