GrabPay Funds Can Now Be Transferred To Local Bank Accounts
As of today (February 8), GrabPay users can transfer funds from their GrabPay wallets to bank accounts and other electronic wallets in Singapore at no cost.
According to a press release from Grab, the features will be gradually rolled out to GrabPay users.
Previously, one of the qualms many had about GrabPay was that once the money was in the wallet it couldn’t be transferred.
With the new funds transfer feature, the maximum transfer amount per transaction is S $ 5,000 and two transactions can be completed per day.
How to transfer funds from your GrabPay wallet
Before users can transfer their funds, they will need to fully verify their identity to upgrade to a Premium GrabPay wallet and set up a GrabPIN.
The GrabPay wallet will be divided into two categories: a non-transferable balance and a transferable balance.
Funds received from top-ups via a foreign debit card or local credit card will be part of the non-transferable balance and cannot be transferred via peer-to-peer withdrawal or bank transfers.
On the other hand, funds that have been transferred via PayNow, local debit cards, QR codes or peer-to-peer transfers can be cashed out.
One of three non-bank e-wallet players to offer PayNow
Besides Grab, Liquid Group and Singtel Dash will also be offering PayNow services from today.
This is the first time that the peer-to-peer money transfer service has been made available to non-banks.
A new PayNow proxy – the Virtual Payment Address (VPA) – has been created to facilitate the transfer of funds between bank accounts and these electronic wallets.
The APV allows individuals to link their mobile phone number to an electronic wallet offered by non-bank financial institutions, while retaining their existing PayNow registration.
According to The Business Times, the Managing Director of the Monetary Authority of Singapore, Ravi Menon, said Singapore will open its payment rails to eight non-bank financial institutions from February of this year.
Featured Image Credit: Ringgit Plus
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