Maybank partners Grab, Mastercard for new credit card

by LYDIA NATHAN/ pic credit: Grab Malaysia

MALAYAN Banking Bhd (Maybank) has teamed up with Grab and Mastercard to unveil the Maybank Grab Mastercard Platinum credit card, for which it targets to have 40,000 applications within a year from now.

This comes as Malaysians’ lifestyles continue to evolve, with more relying on their smartphones and going online to acquire daily services, shop and perform banking transactions.

“The launch of this credit card is very timely because of the rapid change in lifestyle we see among Malaysians today amid a growing digital economy.

“In the past three years, we have observed a strong e-commerce adoption among our cardholders; in the first six months of 2020 alone, more than 600,000 became first-time e-commerce users,” Maybank community financial services group CEO Datuk John Chong said at the virtual launch yesterday.

According to the Mastercard Impact Studies for May 2020 edition, 75% of Malaysians are looking online for news and entertainment, 50% for food deliveries and nearly half of those surveyed shopping online.

As a collaboration between a banking group, an e-hailing firm and a payment solutions firm, the dual-faced credit card allows customers to easily collect GrabRewards points, which can be used to redeem Grab vouchers, pay bills and make various other payments.

Benefits of the card include earning five times Grab points for every RM1 spent and two times Grab points for every RM1 spent overseas via e-commerce purchases, while all other domestic transactions will earn customers one point for every RM3 spent.

Maybank has also introduced a fully digitalised application process on Maybank2u for Maybank2u customers, with same-day online approval and instant issuance of a virtual card.

The digital card can be used instantly to be linked to GrabPay, allowing cardholders to access benefits immediately. Non-Maybank2u customers can apply online and the physical credit card will be issued within 10 days upon approval.

GrabPay MD Ooi Huey Tyng said there has been an increase of 1.7 times in GrabPay wallet usage during the Movement Control Order, particularly for food, mart and on-demand delivery, and online transactions.

Recent Mastercard studies also showed almost 50% of respondents prefer cashless payments for everyday needs.

“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,” Ooi added.

Malaysians with a minimum annual income of RM36,000 are eligible to apply for the credit card, which comes with lifetime annual fee waiver.