GrabPay Enhances its Safety Features for Safer Online Payments
- GrabPay strengthens its multiple layers of security features to protect every Grab transaction
- Leverages AI and technology to ensure GrabPay users are able to access financial solutions safely and securely
Petaling Jaya,8 October 2021 – GrabPay, the in-app wallet of superapp Grab, recently strengthened its safety and security features designed to protect its users from fraud and security risks. The enhancements are part of Grab’s continuous efforts and investments to provide a safe and secure payments platform for consumers.
GrabPay’s multi-layer security features will enable Grab users to perform real-time digital transactions on the platform securely. One of the improved safety measures includes a two-factor authentication (2FA) with Grab PIN and biometrics which is encouraged for all GrabPay users. With the increased shift of consumer trends towards digital payments in Malaysia – 62% of consumers preferred using e-wallets and 52% preferred using real-time payments, these security enhancements will offer consumers further assurance that GrabPay is a safer way to pay.
The 2FA has been an existing feature on GrabPay that protects users when their mobile phone is compromised. All GrabPay users are required to create a six-digit Grab PIN if they have not done so previously. Users will also have an option to activate added biometric authentication security measures such as fingerprint or Face ID to further protect their information based on their mobile device settings.
“As a homegrown tech enabler, we have always advocated for safe, convenient, and seamless digital payments. We that prioritise our users’ data privacy and information protection across all our financial services and platform. Against the backdrop of the steep growth of real-time digital payments among Malaysians this past year, we have continued to innovate our services to better serve the digital financial needs of our consumers and merchants. This includes the expansion of our partnerships to integrate PayLater by Grab for a more inclusive, flexible, and rewarding payment options while helping Malaysians manage their spending. As a result, 35% of new GrabPay users made successful an online purchases from our merchants during the early months of the Shop Malaysia Online campaign, while 80% of our PayLater consumers are using use the service as a budgeting tool for their online spending. Now, with the added two-factor authentication feature on our platform, our consumers have greater peace of mind when they pay with GrabPay,” said Priyanka Madan, Head of GrabPay, Grab Malaysia.
Enhanced Safety and Security Measures to Pay it Safe with Grab
Since its launch, GrabPay has implemented and continually optimised various safety and security measures to protect its users for all transactions online or offline. The multiple layers of security on GrabPay includes:
- Two-Factor Authentication (2FA): All GrabPay users are required to set-up a two-factor authentication with a six-digit Grab PIN. Users may also enable biometrics authentication via fingerprint or Face ID for added security to protect their GrabPay wallet and information.
- Data Fraud Protection: GrabPay is integrated with a 24/7 fraud detection engine and strong in-house fraud and security team with robust processes and customised algorithms to prevent and detect fraud so as to prevent unauthorised transactions. GrabPay has also partnered with globally-recognised security systems with credible fraud detection to ensure only genuine GrabPay transactions go through.
- Privacy and Security: All personal information, payments and credit card information of GrabPay users are protected and will not be shared or used externally. GrabPay’s data security is also compliant according to the Payment Card Industry Data Security Standard (PCI DSS) which is the most stringent certification available within the payments industry.
- Strong Customer Support: Grab’s Help Center is designed to educate users about GrabPay and help find solutions to any concerns. Consumers can also reach out to Grab’s customer support through the Grab app for immediate assistance.
- Regulated by the government: GrabPay is regulated by Bank Negara Malaysia (BNM) and users’ wallet balances are stored and protected with Grab’s global banking partners.
For more information on GrabPay’s security measures, please click here.
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