Grab officially launched its mobile wallet GrabPay in Malaysia – now its people are one step closer to a cashless society

Grab touts its mobile wallet as a “low-entry barrier” to secure cashless payment options for consumers and merchants.
The Straits Times

Ride-hailing company Grab has rolled out its new GrabPay mobile wallet in Malaysia on Tuesday (June 26), making the country the second market after Singapore to receive the cashless payment feature.

According to a Grab statement, GrabPay provides consumers a “safe, convenient and flexible” way to make payments for services in-app as well as in brick-and-mortar outlets.

Using the Grab app, consumers will be able to top-up and spend “GrabPay Credits” on services such as GrabFood and rides. Payments to merchants or partners are made with GrabPay QR codes.

Quoting statistics by Bank Negara, the statement said that more than 80% of transactions in Malaysia are still carried out by means of cash. Moreover, the bank industry has incurred more than a billion in costs from cash handling and services in a year.

In light of the situation, Grab touted its mobile wallet as offering a “low-entry barrier” to secure cashless payment options for both consumers and merchants.

Ooi Huey Tyng, managing director of GrabPay Malaysia, Singapore and the Philippines, said: “What’s stopping many in Malaysia from adopting cashless is the perceived lack of safety and convenience. With GrabPay, consumers across Malaysia, regardless of age, can participate in the cashless, digital economy without having to download additional apps.”

From June 26, GrabPay is accepted in more than 500 food and beverage merchants spanning eight cities nationwide, namely Klang Valley, Penang, Johor Bahru, Ipoh, Melaka, Kota Kinabalu, Kuching and Kuantan.

Users can use their Grab app to scan unique Grab QR codes at the merchant’s outlet to make payments, with each transaction on GrabPay Credits earning them GrabRewards points. These points can then be used on items from the GrabRewards catalogue.

With a built-in credit transfer feature, funds transfers between users can be made instantly via phone number or Grab QR codes within the app.

Grab had recently announced its partnership with Maybank as part of efforts to create a cashless society in Malaysia.

Under the partnership, consumers will soon be able to use GrabPay Credits at participating GrabPay merchants and Maybank’s nationwide network of QR-enabled merchants.

Consumers will be given the option of topping-up cash directly to their mobile wallet via Maybank’s internet banking portal, Maybank2U. Bank customers who use GrabPay for rides and Grab services would be entitled to exclusive benefits and rewards.

Grab has also partnered with KLIA Ekspres – a non-stop high-speed train service that connects Kuala Lumpur International Airport and the city centre – to enable commuters using GrabPay to pay for rides and receive promotional offers from mid-July 2018.

“When users are accustomed to paying for daily essential services, such as transport, food, delivery and payment, we can help to expedite Malaysia’s transformation towards a more cash-like economy,” said Ooi.