Grab absorbs payments tech startup

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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.

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.

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