Grab Moves into E-Money Business

Grab, e-payment, technology, app.

Leading ride-hailing service company Grab in Malaysia just received approval from Malaysia Central Bank (Bank Negara) to launch e-money services.

GrabPay e-money services in Malaysia will be launched in stages in the first half of 2018 and would  allow Malaysians to enjoy a simple, safe and rewarding mobile payment system.

The new GrabPay e-money services would help customers and merchants in emerging economies like Malaysia and elsewhere in Southeast Asia go cashless and cardless,according to a statement of Grab.

Through the same Grab app, consumers will be able to access not just transport services, but all of the most important everyday services, whether it is paying for food and drinks, the latest gadgets in shops or making transfers to friends.

According to Managing Director of GrabPay Jason Thompson although cash is still the most important payment method for many Malaysian SMEs and middle-class consumers, the company is moving forwards to offer new payment options: “As one of the region’s most frequently used consumer apps with 72 million downloads, we are happy to work with Bank Negara to drive mass adoption of mobile payments in Malaysia and across Southeast Asia,” he said.

Demonstrating the GrabPay e-wallet at the Bank Negara Payment Systems Forum,  Thompson said Malaysia was poised to rapidly move towards a digital-first economy thanks to a combination of technological innovation and progressive policies, such as the Malaysian Financial Sector Blueprint 2011-2020 which aims to increase the number of electronic payments per capita to 200 by 2020.

Thompson also affirmed Grab has taken a number of measures to ensure the privacy and security of GrabPay transactions, including a six-digit GrabPay PIN as a second factor authentication. “Customers with a certain amount in their GrabPay e-money wallet account are required to activate the PIN. The Grab app will automatically prompt users to input their pin number when it detects any unusual activities.”

Grab Malaysia country head Sean Goh said the enhanced GrabPay e-wallet was secure, simple and rewarding to use.

GrabPay e-money platform was announced last year and implemented earlier this year in Singapore, Grab tested its e-payment option with 25 street food sellers in Singapore, where the firm is headquartered. The number is due to reach 1,000 street food sellers in the City-State by the end of the year. Thailand and Indonesia could be next on the list.

(Partial sources: The Star)