Recently, Singapore shared travel platform Grab announced that it will introduce new security features for its payment platform GrabPay.
From the end of this month, users will have the right to authorize the platform to use their personal data, which will also be part of the mandatory “know your Customer” (KYC) process on the Grab platform. GrabPay users in Singapore log into their SingPass account through the Grab app and agree to retrieve personal data for authentication through MyInfo government services. When the Grab platform validates and upgrades the account within 3 business days, the user receives a notification.
Grab said that for users who completed the process, Grab would increase the user’s annual trading limit from SGD 5000 (3,656.50 USD) to SGD 30000 (21,939 USD).
In addition, it plans to allow authenticated users to transfer money between wallets and introduce MasterCard prepaid cards to cover the cost of using Grab services in Southeast Asia.