Grab announced on Monday (May 21) that it is partnering Maybank to drive the acceptance of GrabPay in Malaysia – the second country to offer the mobile wallet to consumers after Singapore.
In a statement, Grab said it received its e-money license from Bank Negara Malaysia in December last year and is set to launch its GrabPay mobile wallet in beta in the coming weeks.
Consumers in Malaysia will not only be able to use GrabPay mobile wallet at participating merchants, they will also be able to eventually use the mobile wallet at Maybank’s key merchants and to top -up their mobile wallet directly from their bank accounts.
Maybank customers who use GrabPay as a payment method for rides and other services on Grab will enjoy exclusive benefits and rewards, added the statement.
Both parties said they will collaborate to bring more merchants into the mobile payments network.
Ooi Huey Tyng, managing director of GrabPay Singapore, Malaysia and Philippines said: “The partnership underlines the strength of Grab’s collaborative approach. The whole industry needs to come together to make the cashless economy a reality in Malaysia.”
“With GrabPay mobile wallet as the leading payment method on our Grab app, it will build an interconnected ecosystem of our services, thus making Grab an everyday app to complement consumers’ everyday lifestyle.”
Maybank’s group president and CEO Datuk Abdul Farid Alias said the partnership was part of Maybank Group’s ongoing efforts to provide customers with even more digital conveniences that serve to enhance their online experience and lifestyles.
“We are continuously looking to introduce products and services which offer better value by leveraging on cutting-edge technology and a deep understanding of our customers’ needs,” he said.
“This is very much in line with our strategic objective of becoming the digital bank of choice in the region.”
The partnership is subject to relevant regulatory approvals and further details will be announced in due course, said the statement.
Grab plans to roll out its GrabPay service in all eight Southeast Asian countries this year.