In March, Grab unveiled plans to introduce two new credit services targeted at helping customers buy now, and pay later.
This comprises of a postpaid service that lets users pay for their Grab services at the end of the month, and an instalment product that will let customers spread their payments across a few months when they buy from Grab’s merchants.
Today (2 July 2019), PayLater has just rolled out its pilot phase, first offering its postpaid payments to select Grab customers in Singapore.
Some Grab users have received a notification from the Grab app, informing them that they can start using PayLater.
Users have to be on v5.44 of the Grab app or above to get access.
According to the announcement, Grab will appoint a “pre-approved monthly PayLater Amount” that can be used to pay for Grab transactions like rides or food delivery.
Users can make a one-time payment to cover these expenses at the end of the month.
“PayLater aims to provide even more convenience to our users by removing the hassle of paying for services every single time they consume it,” Grab told Vulcan Post.
To activate PayLater, users who have received the notification can go to the ‘Payment’ tab in their Grab app and click ‘Try it now’.
Once it’s activated, they will be given a pre-approved quota that states the maximum amount they can spend under PayLater in a month.
Users will then see PayLater as a payment option they can choose when they take Grab rides or use other services.
When it comes to settling the consolidated payment, users will have to pay from their GrabPay wallet within 7 days after their PayLater bill is generated at the end of each month. They can also pay anytime before receiving the bill.
Grab says there are “no hidden rates or additional charges”, as long as you settle your bills on time.
Find out more about Grab’s PayLater service here.
Featured Image Credit: Grab