Ride-hailing and mobile payments company Grab has acquired iKaaz, a Bangalore, India-based payments technology startup, to power its growth in the Southeast Asia region.
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The iKaaz mobile payments platform supports Near Field Communication, QR codes, audio-based payments, as well as online, person-to-person and bill payments with technology Grab plans to integrate into its services as it expands, the company said in a Wednesday press release.
“IKaaz’ technology has served merchants and partners across different industries and in different settings, from parking lots and airports to retail stores and hotels,” said Jason Thompson, managing director of GrabPay for Southeast Asia, in the release.
The iKaaz team will join Grab’s research and development center in Bangalore; financial terms of the deal were not disclosed.
A Strides Transportation Pte taxi, operated by SMRT Corp., displays an advertisement for the ride-hailing application Grab, operated by GrabTaxi Holdings Pte, in Singapore, on Tuesday, July 12, 2016. Buyers in one of the world's most expensive car markets just missed their chance to snag one at the cheapest price in five years. Car-ownership permit costs in Singapore have gained since February after ride-hailing companies obtained licenses for their fleets and the regulator eased rules on vehicle loans in May. Photographer: Ore Huiying/Bloomberg
Kate Fitzgerald is an Arizona-based senior editor for American Banker and longtime payments reporter. Fitzgerald began her journalism career at the... Read full bio
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