Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 8): Ride-hailing company Grab Inc has obtained Bank Negara Malaysia's (BNM) regulatory approval to operate its GrabPay e-money services in Malaysia beginning 2018.

Grab country head for Malaysia Sean Goh said the licence for GrabPay e-wallet was obtained on Nov 13, and the service will be launched in stages in the first half of 2018, using a similar payment model as the one launched in Singapore in November.

"This service will enable Malaysians to enjoy a simple, safe and rewarding mobile payment system," he said on the sidelines of BNM payment systems forum.

Goh said consumers will be able to access transport services and 'everyday services' including paying for food and drinks, shopping, and making cash transfers to friends.

The system includes a six-digit personal identification number (PIN) as a second factor authentication where customers with a certain amount in their GrabPay e-money wallet account are required to activate the PIN, and when it detects any unusual activities.

Goh also said small and medium enterprises can tap into Grab's large pool of consumers without the burden of big advertising and marketing budgets.

"For many of our Grab consumers, it means they can benefit from mobile payment without having to download a new app," Goh said in a statement today.

The new service is built to help customers and merchants in emerging economies like Malaysia where 91% of people use cash, and in Southeast Asia to go cashless and cardless with no forms to fill in and no more queues.

GrabPay managing director Jason Thompson said cash is still the most important payment method for many Malaysian SMEs and middle-class consumers despite most adults having a deposit account.

"As one of the region's most frequently used consumer apps with 72 million downloads, we are happy to work with BNM to drive mass adoption of mobile payments in Malaysia and the region," Thompson added.

 

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