Today, ridesharing giant Grab have announced their success in obtaining regulatory approval from Bank Negara to offer e-money service GrabPay to the Malaysian public.
Beginning in 2018 and launching in stages, GrabPay will prove to be yet another e-wallet payment system that will join the likes of AliPay and MOLPay in offering cashless payment solutions to Malaysians.
GrabPay promises to be a service that will allow Malaysians to enjoy “a simple, safe, and rewarding mobile payment system”.
So what does that mean for the everyday consumer?
The service will operate from the existing Grab app, and will allow customers to access to the most important everyday services, such as paying for food and drink, purchasing other necessities, and transferring of funds to friends and family.
On Malaysia’s transition from cash to cashless, Grab hopes to offer a smooth and seamless experience.
“Cash is still the most important payment method for many Malaysian SMEs and middle-class consumers, despite most adults having a deposit account,” said GrabPay Managing Director Jason Thompson while demo-ing the new service at the Bank Negara Payment Systems Forum.
“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 added.
And it’s not just the everyday user who will benefit directly from the shift towards going cashless.
According to statistics provided by Bank Negara, the cost of cash handling and related services amount to RM1.8 billion annually to the banking industry, and that the shift towards electronic-based payments could result in savings up to 1% of the country’s economy.
“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,” added Sean Goh, Country Head of Grab Malaysia.
It’s interesting to see how the increased emergence of e-wallet service providers will affect everyday consumers.
Will the convenience of not having to rely on cash prove to ultimately make a marked difference in the way we live our day-to-day life? Grab’s hoping to lead the way there.
Feature Image Credit: Grab