PETALING JAYA: The country’s largest bank in terms of assets, Malayan Banking Bhd (Maybank) has launched a new credit card product Maybank Grab Mastercard Platinum in partnership with a payment solution and e-hailing app Grab and global payment solution provider Mastercard.
The card will reward its users with GrabRewards points with every spend.
Maybank said that the launch of the card came about at a time when more Malaysians are going into online transactions thanks to higher adoption of smartphones in the country.
Its group CEO for community financial services Datuk John Chong said: “In the past 3 years, we have observed a strong e-commerce adoption among our cardholders; in the first 6 months of 2020 alone, more than 600,000 became first-time e-commerce users.
The launch of the Maybank Grab Mastercard Platinum is yet another first for Maybank, as we continue to make good of our commitment to our customers to bring them a new experience, constructive solutions, and relevant benefits that complement their lifestyle,” he said at the virtual launch of Maybank Grab Mastercard Platinum card on Tuesday.
Chong said one of the unique features of the card is that customers could apply for the card online and get same-day approval with instant issuance of a digital card upon approval.
According to the Mastercard Impact Studies for May 2020 edition, Malaysians are increasing their online activities – 75% are surfing online for news and entertainment, 50% for food deliveries and almost half of those surveyed are shopping online.
Against the backdrop of a growing digital economy, and increasingly savvy, mobile-first consumers, the three organisations have joined hands to collaborate on a credit card which complements Malaysians’ changing lifestyle and reward them for their everyday routine.
Meanwhile, GrabPay managing director Ooi Huey Tyng said she saw a 1.7 times increase in GrabPay wallet usage during the movement control order period especially for food, mart and on-demand delivery, and online transactions.
“Undoubtedly, the pandemic has changed our day-to-day activities and consumer spending behaviour. In fact, recent studies of consumer spending behaviour by Mastercard, indicate that almost 50% of respondents are opting for cashless payments to meet their everyday needs.
“In fact, new merchants joining the Grab platform have doubled during this period, and they saw an average of 25% increase in online revenue since joining our platform,” she said.
Packed with benefits, cardholders will be able to earn more GrabRewards points (GRP) faster and easier, which can be used to redeem any Grab or partner vouchers, offset bills and make payments.
Cardholders can earn 5X GRP for every RM1 spent on Grab services such as rides, food deliveries, Grab e-wallet top-up and even online and in-store purchases at GrabPay partner merchants.
In addition, cardholders will get 2X GRP for every RM1 spent overseas and for e-commerce purchases while all other transactions in Malaysia will earn them 1X GRP for every RM3 spent.
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