Grab partners with Fave boosting e-wallet adoption in Malaysia

KUALA LUMPUR 1 Oct -  Fave, Southeast Asia's fast-growing fintech platform, is now providing GrabPay as a new payment option in Fave app, enhancing convenience and cashback savings to millions of Fave and Grab users in Malaysia.

The number of cashless transactions using GrabPay has quadrupled since January and contactless spending are projected to increase three-fold in Malaysia over the next few years.

With rising adoption of cashless transactions among Malaysians, the partnership with GrabPay and Fave looks to continue accelerating mobile wallet adoption.

Fave will add the GrabPay mobile wallet to its platform, enabling Fave customers to spend their GrabPay credits at more than 17,000 F&B outlets and retailers on Fave's network and on Fave deals.

Beyond the added convenience, consumers can use GrabPay to get a string of double-dip rewards in the form of grab points, merchant cashback to enjoy more savings on every deal they purchase through Fave. Consumers will be excited to know about the layered opportunity to earn GrabRewards points and FavePay cashback in return.

With savings a key factor for most Malaysians, Fave is delighted to bring Malaysians more value and payment options that will help them save up to 80% at their favourite restaurants, cafés, spas, salons, gyms and retail stores, such as Nam Heong Ipoh, A&W, SOGO, Puma, Xixili, Focus Point among others.

The accelerated move to a new cashless paradigm with GrabPay will help Malaysians embrace a digital lifestyle and cultivate a more seamless transition towards cashless payments. 

 

Joel Neoh, Co-Founder and CEO of Fave Malaysia, said: "It is about time we partnered with like-minded companies such as Grab to steer Malaysia towards a cashless economy. We see everyday Malaysians comfortably leveraging cashless payments for small and large day-to-day purchases, and the vast percentage of the population is receptive towards a cashless option that results in greater savings for the consumer.

"With GrabPay as a payment option, we are excited to see Malaysians transact seamlessly and enjoy the cashback incentives that will allow them to pay for things on-the-go,” he said.

In the long term, Fave plans to bring more digital payment partners onboard to enable their customers to receive cashback rewards from their favourite Malaysian merchants. The company also aims to allow more merchants to set up their loyalty programmes by accepting digital payments from various banks and e-wallets.

"Our collaboration with Fave demonstrates our commitment towards building seamless, intuitive services for our users and is in line with our longer-term strategic roadmap to build on payments, partnerships and our platform," said Priyanka Madan, Head of GrabPay Malaysia.
 

"We look forward to an accelerated digital transformation that enhances how Malaysians shop and capture more opportunities for merchants, and ultimately drives our nation's economic recovery,” added Priyanka. - DagangNews.com