Ride-hailing startup Grab has partnered with Malayan Banking Bhd (Maybank) to drive the adoption and usage of its mobile wallet GrabPay in the country.
Grab, which received its e-money license from Malaysia’s central bank Bank Negara Malaysia (BNM) last December, plans to launch GrabPay in beta in the coming weeks. The partnership is subject to relevant regulatory approvals and further details will be announced in due course, said Grab.
Through the partnership, Grab users will be able to use GrabPay at Maybank’s key merchants, expanding the ride-hailing and payments firm’s reach to a wider network of merchants in the country. Similarly, Maybank customers will also eventually have the option of conducting transactions via Maybank QRPay at GrabPay merchants.
On top of that, consumers will soon also be able to top-up cash into their mobile wallet directly via Maybank’s internet banking portal, Maybank2U.
“We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.
“With GrabPay mobile wallet as the leading payment method on our Grab app it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle,” said GrabPay Singapore, Malaysia and the Philippines managing director Ooi Huey Tyng.
Maybank group president and CEO Abdul Farid Alias said the collaboration with Grab was part of the financial institution’s ongoing efforts to improve customer convenience.
“We are continuously looking to introduce products and services which offer better value by leveraging on cutting-edge technology and a deep understanding of our customers’ needs.
“With this partnership, our customers will not only enjoy a seamless experience when transacting through GrabPay but also a host of exclusive benefits that would reward them with substantial savings in the long run. This is very much in line with our strategic objective of becoming the digital bank of choice in the region,” he said.
According to BNM, cash handling and services cost RM1.8 billion ($450 million) a year to the banking industry and electronic-based payments may result in savings amounting up to 1 per cent of the country’s economy due to lower retail payment cost versus cash transactions.