Grab partners Maybank to go cashless with GrabPay
Grab announced a strategic partnership with Maybank to drive the acceptance and usage of Grab’s new cashless payment method, the GrabPay mobile wallet.
The announcement comes as Grab, which received its e-money license from Bank Negara Malaysia in December 2017, is set to launch its GrabPay mobile wallet in beta in the coming weeks. With the partnership and support of Maybank, Grab consumers will not only be able to use GrabPay mobile wallet at GrabPay merchants, but will also be able to eventually use their mobile wallet at Maybank’s key merchants thereby making GrabPay accepted at a wider network of merchants. Similarly, Maybank customers will also eventually have the option of paying via Maybank QRPay at GrabPay merchants.
In addition, through the partnership, consumers will soon also have the added convenience of directly topping-up cash to their mobile wallet via Maybank2U, Maybank’s internet banking portal. Maybank customers who use GrabPay as a payment method for rides and other services on Grab will enjoy exclusive benefits and rewards. Grab and Maybank will collaborate to bring more merchants into the mobile payments network, where merchants can benefit from new marketing possibilities through the GrabRewards platform and easy new ways to track transactions through the GrabPay app.
Through the same Grab app, consumers will be able to access not just transport services, but other important everyday services such as ordering and paying for food and drinks, paying for items purchased at shops or making money transfers to friends. All payments made via GrabPay will also earn consumers GrabRewards which can be used to redeem discounted rides, or other lifestyle items in the GrabRewards catalogue.
In addition, through the GrabPay ecosystem, micro-entrepreneurs (which include driver-partners and merchants) can also go cashless and gain additional income as Malaysia moves towards a cashless lifestyle.