Maybank launches new credit card in pact with Grab, Mastercard

KUALA LUMPUR: Malayan Banking Bhd has unveiled Maybank Grab Mastercard Platinum, in partnership with Grab and Mastercard, a global technology company in the payments industry.

Maybank said the card was designed to provide Malaysians with even more ways to be rewarded for their mobile-first lifestyle and for using Grab services.

According to the Mastercard Impact Studies’ May 2020 edition, Malaysians were increasing their online activities About 75 per cent of respondents surfed online for news and entertainment, 50 per cent for food deliveries, and almost half of those surveyed were shopping online.

“Cardholders will be able to earn more GrabRewards points (GRP) faster and easier, which can be used to redeem any Grab or partner vouchers, offset bills and make payments.

“In addition, cardholders will get 2X GRP for every RM1 spent overseas and for e-commerce purchases while all other transactions in Malaysia will earn them 1X GRP for every RM3 spent,” Maybank said.

Maybank group chief executive officer of community financial services John Chong said in the past three years, it had observed a strong e-commerce adoption among its cardholders.

In the first six months of 2020 alone, more than 600,000 became first-time e-commerce users.

“The Maybank Grab Mastercard Platinum is yet another first for Maybank, as we continue to make good of our commitment to our customers to bring them new experience, constructive solutions, and relevant benefits that complement their lifestyle.

Mastercard co-president for Asia Pacific Ari Sarker said Covid-19 had heightened the demand for cashless payments all around the world.

‘Our impact studies have shown that more than ever Malaysians are now opting to use digital payments such as e-wallets, contactless cards and online payments to make everyday purchases,” he added.

GrabPay managing director Ooi Huey Tyng said this was the first card of its kind by Grab in Malaysia.

“As a homegrown tech enabler and proponent of the digital economy, we firmly believe that like-minded partnerships such as ours with Maybank and Mastercard will elevate the importance and drive the adoption for cashless payment in Malaysia,” Ooi added.

Source: NST