Payments Innovation

GrabPay Chosen For Malaysian eWallet Initiative

Grab app on smartphone

As it aims to drive the digital economy in Malaysia, the GrabPay eWallet has been chosen to take part in the e-Tunai Rakyat initiative that will roll out in mid-January. The initiative is an effort to encourage eWallet usage. Only 8 percent of Malaysians tap into eWallets, even though mobile penetration, as well as awareness of mobile payments, is at 88 percent per Nielsen, according to an announcement.

Grab Malaysia Country Head Sean Goh said in the announcement, “We welcome and fully support our government’s progressive move to accelerate the adoption of e-wallets and digital payments among Malaysians.”

Goh said that realizing its special position as an everyday app, the company is invested in moving each Malaysian forward to embrace the digital economy. “This is imperative, as digital payments nurture a more inclusive growth within the community, that will ultimately benefit the nation by bridging the financial gap, ” Goh said.

The company has debuted different features like Pay with GrabPay, Pay with Points and GrabPay Price as of its rollout. It also grew GrabFood as well as GrabPay across the nation and debuted on-demand goods delivery service GrabMart.

As it stands, there are some 190 variants on the mobile wallets theme, Karen Webster recently wrote, literally a “Pay” for each person and use case, with most driven from the birth of the smartphone/app ecosystem.

Consumers switch between different apps on their mobile devices to find out what to buy and pay for what they purchase, to send money to people, to bank and pay bills, and to save and invest. A decade from now, however, consumers will spend much of their time inside one or perhaps several everyday connected ecosystems that enable all or many of those activities without leaving it. Consumers will move fluidly inside of that ecosystem instead of between the 20 or 30 apps that allow that engagement today.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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