Fave is now providing GrabPay as a new payment option in the former’s app, to enhance convenience and cashback savings for their users in Malaysia.
This will enable customers to spend their GrabPay credits at more than 17,000 F&B outlets and retailers on Fave’s network and deals. Beyond that, consumers can use GrabPay to get a string of double-dip rewards in the form of Grab points, merchant cashback for more savings on every deal they purchase through Fave.
Fave aims to bring Malaysians more value and payment options that will purportedly help them save up to 80% at restaurants, cafés, spas, salons, gyms and retail stores.
The number of cashless transactions using GrabPay is said to have quadrupled since January and contactless spending is 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 may accelerate mobile wallet adoption.
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.
In the long term, Fave plans to bring more digital payment partners onboard to enable their customers to receive cashback rewards from Malaysian merchants. The company also plans 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,”