Maybank goes 'platinum' in credit card partnership with Grab

Malaysian banking group Maybank has unveiled the Maybank Grab Mastercard Platinum, designed to provide Malaysians with additional perks for their mobile-first lifestyle and for using Grab services. This is done in partnership with ride-hailing company Grab and Mastercard, a global technology company in the payments industry.

With this launch, cardholders will be able to receive increased GrabRewards points quickly and more easily, which can then be used to redeem any Grab or partner vouchers, offset bills and make payments. The launch comes after a study that indicated rapid change in the lifestyle of Malaysians with an increasing number relying on their smartphones and going online to acquire daily services, shop, and perform banking transactions. According to the Mastercard Impact Studies in May, 75% of Malaysians were surfing online for news and entertainment, 50% for food deliveries, and almost half of those surveyed were shopping online.

John Chong, group CEO of community financial services of Maybank, said the company observed a strong eCommerce adoption amongst its cardholders, adding that the launch of the Maybank Grab Mastercard Platinum was a first Maybank. “Besides the strong propositions of the card, we have also introduced a fully digitalised application process on Maybank2u, with same-day online approval and instant issuance of a digital card upon approval to give our customers a differentiated experience,” Chong added.

Ari Sarker, co-president, APAC, Mastercard said COVID-19 had heightened the demand for cashless payments all around the world, adding that Maybank and Grab were amongst the “two of SEA’s most popular brands”. “The Maybank Grab Mastercard Platinum Card is a testament to what happens when like-minded forces come together and co-create a digital first solution for the country’s fast growing, digitally native consumers,” Sarker added.

Ooi Huey Tyng, MD of GrabPay said cashless payments were a convenient and hygienic alternative which came with benefits, which was why Grab was optimistic of the uptake for the Maybank Grab Mastercard Platinum credit card. “This is the first of its kind by Grab in Malaysia, and 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,” Huey added.

Separately, Maybank recently launched a new lifestyle and eCommerce Platinum card, known as the Maybank Shopee credit card in partnership with Shopee and Visa. This card aimed to enable shoppers to collect Shopee coins through their purchases. The launch of this card came at a time when more Malaysians were turning to eCommerce to get essentials, with "consumers spending an average of 20% more time on Shopee a week", according to Shopee.

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