GrabPay Wallets able to link to local bank accounts free-of-charge from Jan 19
With the new feature, the wallets can be topped up swiftly without leaving the app.
Grab users in Singapore will be able to top-up their GrabPay wallet using their local bank accounts with no extra cost from Wednesday (Jan 19).
This is through a new feature that allows users to link their GrabPay wallet to bank accounts. Currently, users can link the wallet to Bank of China, DBS, Maybank, OCBC, Standard Chartered and UOB accounts. Citibank, HSBC and ICBC will be integrated into the feature in future updates.
GrabPay poses as an easy and hassle-free payment solution with many cashless payment methods, including credit and debit cards. The mobile wallet of the same name holds the topped-up balance that can be used for purchases.
Since Oct 1 last year, linking a user’s bank account to their GrabPay wallet needed to be done through a unique identifier called a PayNow Virtual Payment Address. A $1 processing fee was applied when making a top-up below $400 with a Visa credit card.
The fee is meant to cover the costs levied by the service provider, said Grab at the time.
With the new feature, enabled by Electronic GIRO (eGIRO), users can top up their GrabPay wallets swiftly and conveniently without leaving the Grab app.
On top of that, the funds would be fully transferable, meaning that users can choose to transfer it back to their bank account or to other accounts or e-wallets. Unlike the aforementioned credit card top-ups, no extra fees would be incurred when topping up using this feature.
Wong Wenbin, Head of Grab Financial Group (Fintech), Singapore, said: “As a leading digital wallet in Singapore, we continue to find ways to make our service more accessible and rewarding for consumers and merchants alike.”
“We are focused on leveraging our technology and platform to deliver innovative services that cater to the diverse needs of our consumers and merchants in this digital age.”
