Ride-hailing company Grab has recently launched a new feature which allows users in Singapore to authorise the use of their personal data in a bid to increase security on its GrabPay wallet app.
Singaporean GrabPay users will soon be able to use their SingPass account through the Grab app and consent to the retrieval of personal data for authentication with the MyInfo government service. Users will receive a notification within three working days, once Grab has verified and upgraded the account.
The new verification feature is in partnership with the Government Technology Agency of Singapore (GovTech) and will be progressively rolled out to be available to all users by end June 2019.
The move comes after GrabPay became a relevant stored value facility (SVF), licensed and regulated by the Monetary Authority of Singapore (MAS). As a regulated e-wallet, Grab is now required to perform customer identity verification of GrabPay users through a process called KYC (Know Your Customer).
MyInfo simplifies the customer verification process by reducing manual form-filling. It also eliminates the need to submit supporting documents such as photos of the NRIC.
“The new user verification feature will help to further strengthen GrabPay’s security,” said Gary Wong, Head of GrabPay Singapore. “Our collaboration with GovTech has enabled us to introduce the verification feature with an easy-to-use and seamless process. We hope this will encourage more users to go through the KYC process and help build greater trust within the ecosystem.”