Grab’s wallet and payments service, GrabPay, is expanding its Linked Bank Account feature in Singapore.
This feature lets users top up their GrabPay wallet with partnered banks at zero cost, and funds are transferable from GrabPay to bank accounts and other e-wallets.
This feature is powered by electronic Giro (eGiro), so top-ups do not require users to leave the Grab app.
The Linked Bank Account feature also lets users top up without extra fees incurred. Since Oct 1, 2021, Grab charges a $1 processing fee for top-ups below $400 made using Visa credit cards to cover the service provider’s cost.
“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. With the expansion of the Linked Bank Account feature, consumers can now enjoy the convenience of transferring funds seamlessly without additional charges. This offers greater flexibility for consumers on how they wish to transact - whether in-store or online,” said Wong Wenbin, Head of Grab Financial Group (Fintech), Singapore.
The Linked Bank Account integration works with six banks - Bank of China, DBS, Maybank, OCBC, Standard Chartered and UOB. Grab is progressively extending this feature to other bank users from Citibank, HSBC, and ICBC.
This article was first published in Hardware Zone.