GrabPay selected for Malaysian e-Tunai Rakyat Initiative
The GrabPay eWallet has been selected in Malaysia to take part in the Federal Government’s RM450 million e-Tunai Rakyat initiative to be launched on January 15, 2020. The Malaysian government initiative is aimed at accelerating the adoption of e-wallets and digital payments among Malaysian consumers and merchants, especially small enterprises and retail businesses. Eligible citizens will receive RM30 each that can be spent on goods and services available through the participating e-wallet service providers of their choice.
Grab, in a statement elucidated on the significance of a digital economy by mentioning that the company is invested in advancing every Malaysian to adopt digital payment solutions. The company stated that digital payments nurture a more inclusive growth within the community, that will ultimately benefit the nation by bridging the financial gap.
The mobile technology company mentioned its support to the government’s move of accelerating the adoption of e-wallets and digital payments among Malaysians. Citing Nielsen sources, they stated that while mobile penetration and the awareness of mobile payments is at 88%, only 8% of Malaysians use e-wallets.
Earlier in December, Grab announced the launch of GrabPay Card in partnership with Mastercard, with the aim to bring financial inclusion to the millions of underbanked and unbanked in Southeast Asia. It is the first numberless card in Asia that will offer users enhanced card security, access to an expanded rewards ecosystem and hassle-free Grab payments integration in order to bring cashless convenience to consumers in Southeast Asia.