PETALING JAYA: With more people opting for online transactions, Malayan Banking Bhd (Maybank) has collaborated with payment solution providers Grab and Mastercard to launch a new credit card called Maybank Grab Mastercard Platinum that allows users to be rewarded with GrabRewards points for every spend.
The coronavirus (Covid-19) pandemic has changed consumer behaviour that saw the explosion of e-commerce and online transactions in the country.
Grab, which is also an e-hailing, transportation, online groceries and food delivery provider, has gained traction during the movement control order (MCO) that started on March 18.
Maybank said that the launch of the new 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 that the card will tap on Grab’s extensive ecosystem, Mastercard’s payment innovation and Maybank’s leading card franchise.
“We have leveraged each other’s strengths to bring the best offering to both Maybank and Grab customers, and Malaysians in general who are digitally engaged, ” he told reporters at the virtual launch of Maybank Grab Mastercard Platinum card yesterday.
Chong said based on the banks’ data, for the first 6 months of 2020 alone more than 100,000 became first-time e-commerce users.
He 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.
Meanwhile, GrabPay managing director Ooi Huey Tyng said Grab saw 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. 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.
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