SINGAPORE: Ride-hailing firm Grab will partner with Malayan Banking Bhd (Maybank), Malaysia's biggest bank, to drive the usage and adoption of its GrabPay mobile wallet, the companies said in a statement on Monday (May 21).
Grab, which received its e-money licence from Bank Negara Malaysia in 2017, is set to launch GrabPay mobile wallet in beta in the coming weeks in Malaysia, it said.
"With the strategic partnership and support from Maybank, Grab consumers will be able to use GrabPay mobile wallet at GrabPay merchants and use their mobile wallet at Maybank's key merchants.
"Similarly, Maybank customers will also have the option of paying via Maybank QRPay at GrabPay merchants,” they said, adding that consumers would have the convenience to directly top-up cash to their mobile wallet via Maybank2u, Maybank's Internet banking portal.
Both parties would also bring more merchants into the mobile payments network, where merchants could benefit from the new marketing possibilities through the GrabRewards platform and track transactions through the GrabPay app.
“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 Ooi Huey Tyng, managing director of GrabPay Singapore, Malaysia and Philippines.
Meanwhile, Maybank group president and CEO Abdul Farid Alias said the collaboration with Grab was part of the group’s ongoing efforts to provide customers with more digital conveniences.
“With this partnership, our customers will enjoy a seamless experience when transacting through GrabPay and a host of exclusive benefits that will 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.
While GrabPay is available in various applications in other countries, Malaysia will become the second market where the wallet can be used to make purchases in restaurants and shops.
The company had extended its payment service beyond transport in Singapore last August, and brought it to restaurants and hawker stalls in November.