KUALA LUMPUR: Ride-hailing company Grab has teamed up with Malayan Banking Bhd (Maybank) for its Grab’s new cashless payment method, the GrabPay mobile wallet. 

Grab, which has morphed into a fintech platform, said on Monday with the partnership and support of Maybank, its consumers will also be able to eventually use their mobile wallet at Maybank’s key merchants.

Hence, GrabPay mobile wallet will not only be able to  be used at GrabPay merchants, but also at more merchants. Maybank customers can eventually opt to paying via Maybank QRPay at GrabPay merchants.  

To recap, in December 2017, Grab received its e-money licence from Bank Negara Malaysia. It is set to launch its GrabPay mobile wallet in beta in the coming weeks. 

Consumers will soon be able to directly top up cash to their mobile wallet via Maybank2U, Maybank’s internet banking portal. 

Plans are underway for Grab and Maybank to bring more merchants into the mobile payments network. Merchants can leverage on new marketing possibilities through the GrabRewards platform and easy new ways to track transactions through the GrabPay app.

GrabPay Singapore, Malaysia and Philippines managing director Ooi Huey Tyng said this 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. 

“We are honoured to partner with Maybank which not only shares our vision of a cashless payments future, but also recognises Grab as ideally poised to help make this a reality.”  

Maybank group president & CEO Datuk Abdul Farid Alias said the collaboration with Grab was part of the bank's efforts to provide customers with even more digital conveniences. 

“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. 

“With this partnership, our customers will not only enjoy a seamless experience when transacting through GrabPay but also a host of exclusive benefits that would reward them with substantial savings in the long run. This is very much in line with our strategic objective of becoming the digital bank of choice in the region.”

Through the same Grab app, consumers will be able to access not just transport services, but other important everyday services such as ordering and paying for food and drinks, paying for items purchased at shops or making money transfers to friends. 

Maybank has been at the forefront in in helping build a cashless society in Malaysia, through its online banking and cards business as well as pioneering products and services such as Maybank QRPay, MaybankPay, and SamsungPay.  

The group has leading market share in both the cards and online banking businesses in Malaysia.

This partnership is subject to relevant regulatory approvals.