Grab, Maybank in partnership for GrabPay push

by NG MIN SHEN / TMR file pix

Ride-hailing service provider Grab has tied up with Malayan Banking Bhd (Maybank) to drive the acceptance and usage of Grab’s upcoming cashless payment method, the GrabPay mobile wallet.

In a joint statement yesterday, the two parties said Grab – which received its e-money license from Bank Negara Malaysia (BNM) in December last year – is set to launch its GrabPay mobile wallet in beta during the coming weeks.

GrabPay Singapore, Malaysia and Philippines MD Ooi Huey Tyng said the partnership between Malaysia’s largest banking group and Southeast Asia’s largest ride-hailing company will “build an interconnected ecosystem of Grab’s services, thus making Grab an everyday app to complement consumers’ everyday lifestyle”.

Maybank president and group CEO Datuk Abdul Farid Alias added that the collaboration is part of the bank’s ongoing efforts to introduce products and services which offer better value by leveraging on technology and an understanding of customers’ needs.

“With this partnership, customers will have a seamless experience when transacting through GrabPay, and be able to enjoy exclusive benefits as well. This is in line with our strategic objective of becoming the digital bank of choice in the region,” he said.

Via the partnership with Maybank, Grab consumers will be able to use the GrabPay mobile wallet at GrabPay merchants, and eventually also be able to use the wallet at Maybank’s key merchants.

Maybank customers will also eventually have the option of paying via Maybank QRPay at GrabPay merchants.

Furthermore, consumers will be able to directly top-up their mobile wallets with cash via Maybank’s Internet banking portal, Maybank2U.

Customers of Maybank who use GrabPay as a payment method for rides and other services on Grab will enjoy exclusive benefits and rewards.

The two parties will also collaborate to bring more merchants into the mobile payments network, allowing merchants to leverage on new marketing possibilities and new ways to track transactions through the GrabPay app.

Apart from accessing transport services on the Grab app, the e-hailing platform said consumers can also order and pay for food and drinks, pay for items purchased at shops or make money transfers to friends.

Users will earn GrabRewards with all payments made via GrabPay, which can be used to redeem discounted rides or other lifestyle items in the GrabRewards catalogue.

The partnership is subject to relevant regulatory approvals, with further details to be announced in due course.