26 Sep - 4 min read
The Covid-19 pandemic has accelerated digital adoption. From shopping for groceries to paying bills, the habit of using online platforms to perform these everyday transactions has become part of the new norm for many. This has powered the rise of digital payment services with the average Malaysian making 170 digital payments in 2020. Moreover, a report by Boku has highlighted that e-wallets are the most preferred payment method among consumers in Southeast Asia.
Digital payment services have become a focal point in Malaysia’s digitalisation journey perhaps because consumers find it easy to use such services. With that, businesses might want to ride on this transformation wave and start rethinking their payment strategies to provide greater flexibility and a more seamless experience for their consumers.
Grab has played a part in helping Malaysians embrace the digital economy. This includes launching the GrabPay Wallet in 2018. Since its launch, it has introduced various features such as ‘Save Using Points,’ and ‘Pay with GrabPay’ (online and offline payments) – all within one app.
“GrabPay makes every amount spent more exciting with GrabRewards. With GrabRewards, consumers can use their accumulated points to redeem exclusive deals or cash vouchers to offset payments at their favourite GrabPay merchant stores. With the “Save Using Points” feature, consumers have utilised a total of over 400 million GrabRewards Points to offset their bill payments in Q2 2021,” said Priyanka Madan, Head of GrabPay, Grab Malaysia.
Additionally, Grab offers users PayLater, which allows you to either split your big-ticket purchases into four monthly instalments or consolidate your spending and pay them off at the start of the following month. Grab’s internal data showed that over 80% of consumers use PayLater as a budgeting tool to ease cash flow and not as an avenue to increase their total liabilities. In fact, 72% of Grab consumers agree that having more payment options is important to them.
Grab has also partnered with Maybank to introduce the Maybank Grab Mastercard Platinum Credit Card in 2020 to provide Malaysians with more rewards for their digital-first lifestyle and everyday spending. With the Maybank Grab Mastercard Platinum Credit Card, cardholders will be able to earn more GrabRewards points faster and easier, which can be used to redeem any Grab or partner vouchers, offset bills, and make payments.
The Maybank Grab Mastercard Platinum Credit Card has even nabbed the “Best Credit Card Product” award at the 2021 Asian Banker Awards.
Coming up next, Grab is partnering with Maybank for the Maybank Bonanza Challenge 6.0. The campaign runs from September to October 2021 and will reward both new and existing cardmembers when they spend with their Maybank Grab Mastercard Platinum Credit Card.
For new Maybank Grab Mastercard Platinum credit card holders, you will stand to win 6 months’ worth of GrabFood (RM6,000 GrabPay credits) or a Nintendo Switch Lite when you spend using your Maybank credit card during the campaign period.
Meanwhile, first time Maybank credit cardholders who apply, activate, and spend a minimum of RM300 within 45 days with the Maybank-Grab-Mastercard Platinum Credit Card will receive RM100 cashback.
Grab also launched GrabPay DuitNow QR nationwide, Malaysia’s National QR code that is designed to offer consumers with a safe, easy payment method for in-store purchases. The GrabPay DuitNow QR code is simple to use. GrabPay users only need to simply launch the Grab app, open the QR scanner and scan any DuitNow QR code to pay.
“We have also helped businesses of all sizes to digitalise and thrive in the digital economy. In the past year, we welcomed a wide variety of merchants to the platform, from wet markets and hawkers to grocers and health and beauty merchants nationwide.
“We have enabled merchants to serve Grab users through our robust payments and rewards ecosystem, while providing convenience to consumers to purchase essential items and be rewarded when using their GrabPay Wallet,” said Priyanka Madan.
Based on Google’s e-Conomy SEA 2020 report, e-wallet transactions rose to an average of 25% post Covid-19. “We are humbled by the opportunities and support in our efforts to drive digital payments growth in Malaysia. We will continue innovating on our offerings to better serve the digital financial needs of our consumers and merchants,” she concluded.
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