Southeast Asian ride-hailing app Grab will now offer mobile payment services in Malaysia thanks to the regulatory approval it received from the country’s central bank, Bank Negara Malaysia today.

The app is called GrabPay and will be rolled out in four phases in 2018. It is aimed to encourage customers and SMEs to go cashless.

Jason Thompson, managing director of GrabPay said in a Friday statement:

Cash is still the most important payment method for many Malaysian SMEs and middle-class consumers, despite most adults having a deposit account. As one of the region’s most frequently used consumer apps with 72 million downloads, we are happy to work with Bank Negara to drive mass adoption of mobile payments in Malaysia and across Southeast Asia.

Read more at Finextra and TheStarOnline.