Bank Negara Approves Grab’s e-Money Services
Grab Malaysia has received the approval from Bank Negara Malaysia to offer GrabPay e-money services in Malaysia.
Grab announced that the services will be rolled out in stages, starting from the first half of 2017. GrabPay will allow Malaysians to make mobile payment using a simple, safe and rewarding system.
This service will help customers and merchants in emerging economies like Malaysia and its neighbouring countries in Southeast Asia to go cashless and cardless, Grab Malaysia was quoted by the English daily, The Star Online.
GrabPay can be accessed via the Grab app, and it will be open to not just transport services but also other important everyday transactions such as paying for food and drinks, purchasing the latest gadgets in shops or making transfers to friends.
“Cash was still the most important payment method for many Malaysian SMEs and middle-class consumers, despite most adults having a deposit account.
“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,” Managing Director of GrabPay Jason Thompson said.
Thompson also confirmed that Grab has ensured the privacy and security of GrabPay transactions through various measures, including a six-digit GrabPay PIN as a second-factor authentication (2FA):
“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 can also help SMEs tap into Grab’s large pool of consumers without a huge cost in advertising and marketing. Grab consumers can also benefit from mobile payments without having to download a new app.