Grab today has announced that Bank Negara Malaysia has approved its application to offer GrabPay e-money service in our market. This service is not to be confused with the card payment option in the existing Grab app which is also called GrabPay.
Instead, the GrabPay e-money service allows users to utilize Grab as payment method outside of their Grab rides. Nevertheless, the features will still be made available within Grab app itself which means that users don’t have to download a separate app.
From what we know from its implementation in Singapore, GrabPay uses QR code as its main interface and users do need to top-up GrabPay Credits into their GrabPay wallet in order to utilize it for payment. As a security measure, Grab has implemented a six-digit PIN called GrabPay PIN as the second factor authentication for the service.
According to Grab, the GrabPay e-money service in Malaysia will be rolled out in stages within the first half of 2018. All in all, it seems that the payment solutions industry in Malaysia could be quite existing with so many players vying for the market.