It’s only day three of the governments initiative to get people to adopt eWallets and already 380,000 applications for the RM30 “ang pao” have been made, with a total of more than RM 10 million already spent. Realistically, no one’s going to say no to free money and the government has allocated RM450 million ringgit for the initiative, which means there’s still plenty to go around (It’ll be interesting to see what they do with all the money that’s not been redeemed though).
With all three eWallet players giving out special incentives for the rakyat to claim the incentive, it’s no wonder that Grab has announced that it has recorded a 6 fold jump in user growth in the wake of the eTunai Rakyat initiative. Given what a disaster day 1 was for Touch ‘n Go eWallet and how seamless it was to claim the incentive with Grab and Boost, it’s no surprise.
It’s worth noting that the 6X increase in users includes existing Grab users who are only now embracing the GrabPay e-Wallet. On top of that, it turns out that 20% of those who have redeemed their RM30 incentive have already made at least one transaction.
You can read the full statement from Ooi Huey Tyng, Managing Director of GrabPay below:
As a local homegrown, we are honoured to be selected to be part of this e-Tunai initiative to encourage the adoption of digital economy. When we launched GrabPay a year ago, we viewed the cashless culture beyond a one time push but a long term change in user’s payment habits, with the vision to be the Rakyat’s e-wallet. We are encouraged by the interest from the public when the government first announced the initiative last year, as such, we have been fortifying our platform to ensure upon the launch of the initiative, our platform will be stable and have minimal impact to the user’s journey.
Since the launch of initiative on January 15, we are excited to share that our new GrabPay users have increased by 6x – which includes conversion of Grab cash-based users to embrace the GrabPay e-wallet. This is significant considering how cash dependent Malaysians are for their daily needs.
In addition, 1 in 5 of our users who received the RM30 disbursement have already made a transaction, in which 70% spent in at our GrabPay merchant.
We are very encouraged by these numbers and with the support and push from the government and the industry as a whole, we anticipate these numbers will increase in the coming days.