Accelerating Malaysia’s digital economy


  • Branded
  • Wednesday, 15 Jan 2020

IN the advent of digitalisation, we have seen a momentous rise in digital economy – an economy based on digital computing technologies.

In view of this, there is increased digitalisation in the way daily transactions are conducted. To facilitate and support the growth of digital economy, cashless payment options are becoming commonplace today, such as the e-wallet which is playing a major role in taking the marketplace towards a digital future.

GrabPay, homegrown Grab’s e-wallet, aims to spur Malaysia’s digital economy in 2020 by further driving cashless adoption in Malaysia in support of the Finance Ministry’s e-Tunai Rakyat 2020 initiative.

This comes as the company rewards Malaysians with additional savings of up to RM3,000 with its campaign “Siapa Cepat, Banyak Dapat”.

The adoption of electronic-based payments has increased significantly over the past year. Bank Negara statistics show that transaction value for e-money between January and October 2019 surged to RM13.9bil, with a transaction volume of 1.72 billion, surpassing RM11 billion for the entire 2018.

The Government’s focus on increasing the adoption of cashless payments in Malaysia resonates with Grab’s vision of leveraging on technology to benefit the masses. A progressive, cashless economy would not only benefit consumers but also help micro-entrepreneurs and SMEs grow their business without the cost, burden and safety concerns that come with managing cash. It has also been reported that electronic-based payments will be able to save Malaysia up to 1% of the country’s GDP (an estimated RM13bil) due to the cost of cash-based transactions.

“We launched GrabPay over a year ago with the vision to be the rakyat’s e-wallet. Since then, we have continuously introduced programmes and campaigns to encourage the adoption of digital payments among consumers and merchants nationwide.

“Our strategy behind this has always been to adopt a hyperlocal approach and collaborate with like-minded partners, like Maybank and PayNet, who together with us foresaw the need for Malaysia to embrace a digital economy. Through our efforts, we have carefully curated our partners and introduced even more features that resonate the most with Malaysian users, ” GrabPay Malaysia, Singapore and the Philippines Managing Director, Ooi Huey Tyng.

Malaysia’s everyday, everything e-wallet

With Grab’s growing ecosystem of services and network of partners, GrabPay provides a seamless and convenient payment option for everyday needs, from rides and on-demand food and deliveries to making both online and offline transactions and even mobile prepaid top-ups.

Further strengthening the seamless adoption of e-wallets across Malaysia, GrabPay partnered with PayNet, making it the first e-wallet in the country to adopt DuitNow QR, Malaysia’s National QR Standard. Through this, users can now conveniently make payments from any participating banks or e-wallets’ mobile apps, and merchants only need to display one QR Code to accept payments.

“Siapa Cepat, Banyak Dapat”

As an app with a robust ecosystem of services that addresses the daily needs of Malaysians, GrabPay is offering greater value to users who redeem their RM30 apportionment from the Finance Ministry through their GrabPay e-wallet. In the second half of 2019, GrabPay users were able to save a total of up to RM5.5mil just by using GrabPay to pay for their everyday needs like transport, shopping and deliveries for their food and daily needs.

With the “Siapa Cepat, Banyak Dapat” promotion, users who sign up for the e-Tunai Rakyat 2020 redemption via GrabPay will get discounts and vouchers of up to RM3,000 based on a rewards system consisting of three tiers. This will help users to fully benefit from the Government’s initiative while stretching the value of the ringgit received. The campaign features a variety of partners consisting of household favourite brands such as Hotlink, Mydin, Photobook, The Coffee Bean & Tea Leaf, Baskin Robbins, Secret Recipe, Sushi King and many more.

For more information about GrabPay’s “Siapa Cepat, Banyak Dapat” campaign, go to https://www.grab.com/my/etunairakyat-eng/ (English), https://www.grab.com/my/etunairakyat/ (BM) or https://www.grab.com/my/etunairakyat-cn/ (Chinese).

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