Grab's total payment volume in Southeast Asia reached approximately USD 28 billion in 2024, underscoring the superapp's deepening financial footprint across the region.

The USD 28 Billion Payment Volume Threshold

Grab Holdings Limited reported that its Total Payments Volume (TPV)—defined as the value of payments, net of payment reversals, successfully completed through its platform—reached approximately USD 28 billion in 2024. This figure encompasses transactions across Grab's core on-demand services (mobility and deliveries), digital financial services, and its broader ecosystem of merchants and partners. The TPV metric is a direct gauge of consumer spending facilitated by Grab's infrastructure, equivalent to roughly 84% of the company's reported On-Demand GMV of USD 22.1 billion for the full year 2024.

The scale of this payment volume is particularly notable given that Grab operates across eight Southeast Asian countries—Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—covering over 900 cities. Group monthly transacting users (MTUs) reached 47.2 million in the fourth quarter of 2024, up 14% year-on-year from 41.3 million. This growing user base drove On-Demand GMV growth of 21% year-on-year in constant currency terms, with deliveries and mobility both contributing to robust transaction frequency.

How TPV Maps to Grab's Business Segments

Grab's payment volume is primarily generated through two main operating segments: On-Demand services (mobility, food delivery, grocery delivery) and Financial Services (digital payments, lending, insurance). The Financial Services segment includes the GXS Bank in Singapore and GXBank in Malaysia, which reported deposits from customers of USD 479 million at end-Q1 2024, growing from USD 36 million a year earlier. Nearly all GXBank deposit customers—over 90%—are also Grab users, embedding the payment platform deeper into consumer habits.

The On-Demand segment contributed the bulk of transaction volume. In the first quarter of 2024 alone, On-Demand GMV was USD 6.1 billion, up 21% year-on-year on a constant currency basis. For the full year 2024, total revenue reached USD 3.37 billion, up 20% year-on-year. The "Net Cost of Funds"—a variable cost that supports the payment platform across both On-Demand and Financial Services segments—remained stable at 0.7% of total payments volume in Q1 2024, indicating disciplined cost management as transaction volumes scaled.

Profitability Milestone and Economic Impact

In 2024, Grab recorded a net loss of USD 158 million, a sharp narrowing from a loss of over USD 1.7 billion in 2022. The company achieved operating profit of USD 65 million for the full year 2024, compared with an operating loss of USD 168 million in 2023. Adjusted EBITDA reached USD 500 million in 2024, up 60% year-on-year from USD 313 million. Grab's path to profitability was accelerated by improving unit economics: On-Demand incentives as a proportion of On-Demand GMV fell to 9.7% in Q1 2024 from 10.7% a year earlier, reflecting reduced cost-to-serve even as the marketplace grew.

Value (USD m / millions of users)Source: Orionmano Industries

The economic multiplier of Grab's platform is also significant. Independent estimates from the Global Institute For Tomorrow (GIFT) suggest Grab's total economic impact in Southeast Asia reached USD 18.8 billion, with an additional USD 6.4 billion in consumer surplus—figures that underscore the platform's role in driving digital commerce across the region. Grab's loan portfolio nearly doubled to USD 1.18 billion at end-2024, up 120% from USD 536 million a year earlier, indicating growing traction in digital lending.

Competitive Positioning and Outlook

Southeast Asia's digital payments market remains fragmented but maturing rapidly. Grab competes with regional e-commerce platforms, local e-wallets, and bank-led payment schemes. However, its superapp model—integrating mobility, deliveries, and financial services—creates high user engagement and repeat transaction frequency. According to one analysis from The Diplomat, Grab's total value of delivery and ride-hailing transactions increased from USD 18 billion in 2024 to approximately USD 22 billion in 2025, with monthly users rising from 41 million to 47 million.

Looking ahead, Grab's ability to sustain double-digit GMV growth while reducing incentives suggests an operating model that is approaching profitability at scale. The company reported adjusted free cash flow of USD 290 million for full-year 2024, compared with USD 162 million in 2023, providing further flexibility for investment in digital banking and financial inclusion. With over 900 cities served and a user base of 47 million monthly transacting users, Grab's payment volume trajectory is likely to remain closely tied to the expanding digital economy of Southeast Asia.