Petaling Jaya-26 June: Grab, Malaysia and Southeast Asia’s leading Online-to-Offline (O2O) platform, introduced the Cashless GrabPay Mobile wallet today. Grab’s millions of consumers can now access a safe, convenient and flexible mobile wallet to pay both for services on the Grab app and in-store restaurants. All this feature can be utilised without leaving the app.

To experience this wallet fully, consumers would have to top-up and spend it as ‘GrabPay Credits’ to purchase their rides or GrabFood. This app also allows you to transfer your credits to other GrabPay users through few simple steps.

“What’s stopping many in Malaysia from adopting cashless is the perceived lack of safety and convenience. With GrabPay, consumers can participate in cashless expenditure conveniently and safely,” says Ooi Huey Tyng, Managing Director of GrabPay Malaysia, Singapore, and the Philippines.

Effective today, GrabPay will be accepted in more than 500 famous food and beverage merchants spanning 8 major cities nationwide namely Klang valley, Peng, Johor Bahru, Ipoh, Melaka, Kota Kinabalu, Kuching, and Kuantan. Currently, GrabPay wallet can be used at some of these famous food and beverages chains such as Tealive, KGB Burgers, Devi’s Corner, TedBoy Bakery, China House Ooi and so on. It was stated by Ooi that the number of restaurants and services will be doubled in the coming months.

According to Bank Negara, more than 80% of transactions in Malaysia still use cash and the handling cost more than a billion each year to the banking industry.

What do you think? Do you think cashless will be the future for all transactions?