GrabPay e-wallet is now more secure with its integration with MyInfo, GovTech’s digital identity service

GrabPay e-wallet is more secure and able to perform enhanced financial and payment services. This is after its integration with MyInfo, GovTech’s digital identity service.

This new feature is being rolled out progressively and is slated to be available for all GrabPay users by end June this year. GrabPay is a stored value facility (SVF), under the regulation of the the Monetary Authority of Singapore (MAS). Therefore, as a regulated e-wallet, GrabPay is required to authenticate customer identity.

Its integration with MyInfo simplifies the authentication process by eliminating the need for manual form-filling and submission of physical documents like copies of NRIC for verification.

To verify their identities with MyInfo on GrabPay, users need to log-in with their SingPass account, and allow GrabPay app to access their personal data from MyInfo platform. The verification process by Grab will take about three business days, after which their GrabPay e-wallet will be upgraded to its full SVF status.

The benefits of the new GrabPay e-wallet are as follows:-

• Increased annual transaction limit from S$5,000 to S$30,000.
• (Coming Soon) Mastercard prepaid cards that enable customers to use their upgraded mobile wallet to pay for Grab services across Southeast Asia and for online payment
• (Coming Soon) Wallet-to-wallet remittance product allowing users to remit money instantly and securely to receivers in the Philippines, and other countries using their GrabPay wallets.

Source: Grab

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