KUALA LUMPUR: The economic downturn and Covid-19 have ushered Malaysians towards a cashless and contactless society.
Looking at the current trend of people favouring cashless transactions, Fave, a fintech platform, has partnered with Grab in providing GrabPay as a new payment option in Fave app.
This move will result in 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.
Under the partnership, 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.
Fave Malaysia’s co-founder and CEO, Joel Neoh, 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,” he said.
Meanwhile, Fave’s co-founder, Yeoh Chen Chow, said Fave will bring Malaysians more value and payment options that will help them save up to 80 percent at their favourite restaurants, cafes, spas, salons, gyms and retail stores, such as Nam Heong Ipoh, A&W, San Francisco Coffee, 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,” he said.
Yeoh said the cashback shoppers get is normally around 10 percent of the total transactions.
“Covid helps a lot in conveying users into using cashless platform. With the current situation, many people just don’t want to use physical cash anymore,” he said.
Currently, the Fave app has 6.5 million downloads with more than 4 millions from Malaysian shoppers.
“For the merchants, meanwhile, every month they will get transactions report and this is run by artificial intelligence. This will enable them to position their products and offer to customers better,” he added.
Yeoh 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 Grab Malaysia’s head, Priyanka Madan.
“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,” he said.
Here’s how you can link GrabPay to Fave:
1) Scan FavePay QR code
2) At the payment page, select “Pay with” to choose payment method
3) A pop-up will appear. Choose “GrabPay” and click proceed to link the account.
4) Once linked, you’ll be able to use GrabPay Credits as your form of payment.