Launching in stages in the first half of 2018, GrabPay’s e-money services, will allow Malaysians to pay using their mobiles for various purchases, as well as pay for transport services and send money to friends.
Grab has taken a number of measures to ensure the privacy and security of GrabPay transactions, including a six-digit GrabPay PIN as a second factor authentication.
According to statistics by Bank Negara, cash handling and services cost RM 1.8 billion a year to the banking industry and electronic-based payments may result in savings amounting to up to 1% of a countrys economy due to lower retail payment cost versus cash transactions.
In addition, Malaysia is poised to rapidly move towards a digital-first economy thanks to a combination of technological innovation and progressive policies, such as the Malaysian Financial Sector Blueprint 2011-2020 which aims to increase the number of electronic payments per capita to 200 by 2020.
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