Today marks another step for Grab in the app market space. It is Grab’s new evolution if you might, another step in their master plan of becoming South East Asia’s leading online services platform. Accordingly as well, Grab’s launch today touches plenty on the current buzzword; cashless.
eWallets are not new. At least the concept of electronic wallets are not new. But then again solutions like Apple Pay, Android Pay, Alipay, and Samsung Pay have been floating in the market space for a while now; so the concept itself is so 2015. Or is it?
At least for Malaysia, the step for a cashless society have begun as early as 1997 when Touch ‘n Go Sdn. Bhd. is founded. That particular company came up with a small ideas of using Near Field Communication (NFC) type cards to pay for tolls without using cash. That was the taste of cashless.
20 years on, the awareness and interest in being a complete cashless society has lingered to about 83% of Malaysians. Unfortunately only about 20% of Malaysians have gone cashless. Here comes Grab to save the day.
So GrabPay, what is it? It is Grab’s interpretation of what an eWallet should be. The GrabPay mobile wallet is also technically an extension to the Grab app. That also means you access it via the original Grab app. They have also garnered partnerships with Maybank, KLIA Ekspress, and the likes of Tealive for this new GrabPay platform.
GrabPay is not really new too if you are wondering. Its previous iteration only accepts payment via debit or credit cards. As such there is no credit holding feature like plenty of other eWallet solutions in the local market. The new app though does hold credits and you can easily top it up within the Grab app. Beyond that you can also transfer credits directly to your friends who would already have a Grab app anyway.
The GrabPay app can be used to pay for Grab’s own services like GrabFood, or Grab rides. But GrabPay is more than that now. With the new partnerships, comes new partner merchants which caries GrabPay QR Codes that you can scan via the Grab app to pay for whatever you buy or services you obtain. Right now there are about 500 food stores that carry GrabPay QR codes across 8 major cities in Malaysia. By using GrabPay too you collect GrabRewards points which you can use to redeem at their GrabRewards catalogue.
The best part about GrabPay is that it is integrated within the Grab app itself. That means there is no additional download needed to harness the benefits of GrabPay. That also means that any Grab users, which is nearly everyone you know at this point are GrabPay users too. The app is available for free on Google’s Play Store and Apple’s App Store.
Source: Grab Malaysia
Also published on Medium.