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A Safe and Secure e-Wallet with Upgraded Verification Feature
With the upgradation, Grab becomes the first app to partner with Singapore's Government Technology Agency (GovTech) for MyInfo integration.
FREMONT, CA: Grab, one of the principal apps in Southeast Asia in collaboration with the Government Technology Agency (GovTech), Singapore launched a new customer verification feature on its GrabPay wallet. Grab, in addition to providing transportation to users, also offers food delivery and digital payment services through the mobile app.
With the updated element, users can now authorize the retrieval of personal information from MyInfo, a digital identification service from GovTech to complete the verification process with ease. The new attribute also adds to the benefit of a more secure and safe e-wallet to all GrabPay consumers. Upon authentication, the users get to enjoy improved financial and payment services, all at one pit stop of the Grab app.
The upgradation comes after GrabPay became a Stored Value Facility (SVF), licensed and regulated by the licensed and regulated by Singapore's central bank, the Monetary Authority of Singapore (MAS). As a supervised e-wallet, Grab is required to perform customer identity verification on its GrabPay through a process Know your consumer (KYC). Meanwhile, MyInfo plays a part in simplifying the verification process by dropping manual form-filling and eliminating the need to submit supporting documents like photos of NRIC.
Managed by GovTech, MyInfo is a trusted solution for SingPass, an online account management providing access to the Singapore government's e-services for consumers to verify themselves. Additionally, the solution helps the users to administer the use of their data while making an online transaction—with participating private and public organizations. The aim behind the offering is to create enhanced efficiency for businesses while giving a spontaneous user experience.
To execute authentication with MyInfo, GrabPay users only need to log-in to their SingPass account through the Grab app and give permission to the retrieval of personal information. Upon providing the consent, consumers will receive a notification when Grab has verified and upgraded the account within three working days.