The pandemic and movement control that impacted businesses has clearly emphasized the significance of the digital economy and created a dramatic standard shift in Malaysian’s acceptance and usage of cashless payment methods such as e-wallets.
This is seen through studies done by Mastercard indicating that not only is Malaysia leading the region with mobile and digital wallets adoption, but 75% of consumers in the Asia Pacific are inclined to continue using cashless payment even after the pandemic is over. In addition, a recent analysis by Bain indicates more businesses will be more open to cashless payments.
Recognizing this shift in consumer acceptance of cashless payments, Grab recently announced the expansion of GrabPay’s merchant-partners to include household brands from all essential categories such as groceries, pharmacies, food, electronics, and hardware across the nation. The list of brands includes a variety of chained outlets such as MyNews, Tesco, Guardian, Watsons, KFC, McDonald’s, Mr.D.I.Y, and SenHeng.
“The expansion of GrabPay’s merchant base is part of Grab’s on-going commitment to create awareness about the benefits of digital payments and nurturing the cashless adoption in Malaysia. The expansion of GrabPay’s partner base is also timely with the government’s recent PENJANA announcement to encourage Malaysians to spend as a means to help revive the economy post the impact of the pandemic and movement control period. As the economy re-opens, we want to ensure that Malaysians can transact cashless everywhere, and GrabPay can now be Malaysians primary choice of payment for safer and better value,” said Priyanka Madan, Head of GrabPay Malaysia.
“Grab has always been a proponent of the digital economy and of digital payments. In fact, we were honoured that the GrabPay e-wallet was selected to support the government’s recent effort to drive and nurture the cashless habit, which saw almost 50% of our claimants remaining active GrabPay users post campaign. In addition, the pandemic has also mooted a two-pronged growth of our new user base as well as merchants; a clear indication that both parties are receptive to cashless payment methods. Therefore, we are confident that this behaviour will also carry on to their usage and acceptance even in-store.”
In addition to the convenience and seamlessness of using the GrabPay wallet, the homegrown tech company together with their merchant-partners have also made going cashless more affordable for Malaysians. “The Grab ecosystem enables users to fully reap the benefit of using the GrabPay e-wallet for both their online and offline transactions. In fact, in the second half of 2019, our users were able to save up to RM5.5 million just by using GrabPay to pay for their everyday needs like transport, shopping and deliveries for their food and groceries. We will continue to offer more opportunities for our users to save especially through our GrabPay price promotions!” said Madan.
GrabPay has also recently enhanced its app interface and safety measures making it even more user-friendly and safer. Some of the improvements include a sleeker app interface, a six-digit pin code to protect their information in the app as well as the option to pay in-store with their GrabRewards points.
Moreover, GrabPay will also be adding more safety features and enhancements to give users even more reason to go cashless. This includes helping users manage their spending, providing them with real-time information on the latest deals near them anywhere in Malaysia, and enabling them to use their points to also pay for their online shopping.