KUALA LUMPUR (Aug 18): Malayan Banking Bhd (Maybank) has partnered with food, transport and payments solution provider Grab and global payment solutions technology firm Mastercard to launch the Maybank Grab Mastercard Platinum credit card.

The new card, which is the first dual-faced credit card in the country, will allow its users to accumulate GrabRewards points more easily and quickly.

The points can be used to redeem Grab or partner vouchers, offset bills and make payments.

Maybank has also introduced a new fully digitalised application process on Maybank2u for the Maybank Grab Mastercard, with same-day online approval and instant issuance of a digital card upon approval to give customers a differentiated experience.

Those with an annual income starting from RM36,000 are eligible to apply for the new card, which comes in black and white and has a lifetime annual fee waiver.

Group chief executive officer of Maybank's community financial services Datuk John Chong said Maybank observed strong e-commerce adoption among its cardholders in the first six months of 2020, with more than 60,000 of them becoming first-time e-commerce users.

“Against this evolving backdrop, we are happy to bring the Maybank Grab MasterCard Platinum to the market at this pertinent juncture.

“This is yet another new frontier for Maybank, as we continue to make good of our commitment to our customers to bring them new experience, constructive solutions, and relevant benefits that complement their lifestyle,” he said during a virtual media briefing today.

Meanwhile, GrabPay managing director Ooi Huey Tyng said she saw a 1.7 times increase in GrabPay wallet usage during the movement control order period especially for food, mart and on-demand delivery, and online transactions.

“Undoubtedly, the pandemic has changed our day-to-day activities and consumer spending behaviour. In fact, recent studies of consumer spending behaviour by Mastercard, indicate that almost 50% of respondents are opting for cashless payments to meet their everyday needs.

“In fact, new merchants joining the Grab platform have doubled during this period, and they saw an average of 25% increase in online revenue since joining our platform,” she said.

She believes like-minded partnerships with Maybank and Mastercard will elevate the importance and drive the adoption for cashless payment in Malaysia.

Maybank aims to issue 40,000 Maybank Grab Mastercard cards in the first 12 months of its launch.

At 12.30pm break, shares in Maybank were five sen or 0.64% lower at RM7.76, valuing the group at RM87.23 billion.