Translate
09 December 2017
Grab, Malaysia has received the go-ahead from Bank Negara Malaysia to offer GrabPay e-money services in Malaysia.
Grab gets Bank Negara nod to offer e-money services
Managing Director of GrabPay Jason Thompson (left) and Grab Malaysia country head Sean Goh displaying the app.
KUALA LUMPUR: Southeast Asia’s leading on-demand transportation group Grab, Malaysia has received the go-ahead from Bank Negara Malaysia to offer GrabPay e-money services in Malaysia.
It said on Friday the services will be launched in stages in the first half of 2018 and they 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, it said.
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’s paying for food and drinks, the latest gadgets in shops or making transfers to friends.
Managing Director of GrabPay Jason Thompson said 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,” he said.
Demonstrating the GrabPay e-wallet at the Bank Negara Payment Systems Forum, Thompson said according to statistics by Bank Negara, cash handling and services cost RM 1.8bil a year to the banking industry and electronic-based payments may result in savings amounting to up to 1% of acountry's economy due to lower retail payment cost versus cash transactions.
He 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 (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 was secure, simple and rewarding to use.
“Moreover, SMEs can tap into Grab’s large pool of consumers without the hefty burden of big advertising and marketing budgets. For our many Grab consumers, it means they can benefit from mobile payments without having to download a new app,” he added.
Read more at https://www.thestar.com.my/business/business-news/2017/12/08/grab-gets-bank-negara-nod-to-offer-emoney-services/#zrc10Wly1qGd1Px5.99
Popular Posts - Last 7 days
-
Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans Bernama Julai 12, 2022 Maybank Singapore Limited has...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
Persatuan Karyawan Malaysia dengan sokongan FMT telah menganjurkan Majlis Iftar bersama penggiat-penggiat seni tanah air di ParkRoyal Colle...
-
No 10m Platform Medal But Pandelela & Dhabitah Are More Determined Than Ever Our hearts nearly leaped out of our chests when we heard...
-
My duty and role as director exist only in name - SRC former director Bernama Mac 27, 2024 Datuk Shahrol Azral Ibrahim Halmi said absolute ...
-
Seven million Malaysians yet to take booster dose against COVID-19 - PM Bernama Julai 11, 2022 Prime Minister Datuk Seri Ismail Sabri Yaako...
-
Mitsubishi Triton Guna Siren Adalah Milik PDRM Kenderaan pacuan empat roda yang menggunakan siren dan lampu kecemasan bagi mendapatkan ...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
King presents appointment letters to four new envoys Bernama Julai 12, 2022 His Majesty presenting the letter of appointment to M'sian...
Popular Posts - Last 30 days
-
A man was stabbed to death by his lover who was a part-time model in an incident at a condominium unit in Kota Kemuning here on Monday. It i...
-
Paris court grants Malaysia's application to suspend claims by purported heirs of Sultan Jamalul Kiram II Bernama Julai 13, 2022 Dr Wa...
-
Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans Bernama Julai 12, 2022 Maybank Singapore Limited has...
-
Motorcycle crash: Couple accept casualties to twin children as fate Bernama Julai 17, 2022 A couple lost a child while another suffered se...
-
Wan Saiful confirms he is no longer PTPTN chairman Bernama Julai 12, 2022 Bersatu Information chief Datuk Wan Saiful Wan Jan today confirm...
-
MH17 tragedy: Dewan Rakyat expresses condolences to families of passengers, crew Bernama Julai 18, 2022 The Dewan Rakyat today marked the ...
-
Kedah MB: ECK no longer part of Kulim airport project Bernama Julai 13, 2022 Muhammad Sanusi announced that the ECK Group of Companies (EC...
-
COVID-19: New cases in Malaysia take a slight dip again Melissa Fernando ASTRO AWANI Julai 19, 2022 12:00 MYT COVID-19: New cases in Malays...
-
Malaysian Space Board to be fully launched early next year - Dr Adham Bernama Julai 18, 2022 The Malaysian Space Board will be fully launc...
-
Naz Empire's defamation lawsuit against Awal Ashaari to go to trial as mediation fails Bernama Julai 12, 2022 The defamation lawsuit f...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
►
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
►
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
▼
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)