The payments industry has always been very fascinating to me and having spent more than a year in the industry, I have always been intrigued by new payment options.
Singapore has always played catch up when it comes to ease of payments compared to China. With our fragmented payment landscape and high costs of adoption for merchants, we Singaporeans sometimes feel like credit cards are good enough for usage, why change it?
Fast forward a year later, the local payments scene has changed significantly with the significant uptake of QR payments – we are moving one step closer to China’s payment efficiency!
GrabPay and FavePay being two of the leading QR payment apps in Singapore that offers Singaporeans the option to pay via scanning a QR code when shopping at the merchant. This method of payment is hyper popular in China – where millions of Chinese pay every day using WeChat Pay or AliPay via QR.
GrabPay is Grab’s payment solution. Initially offered as a payment option for Grab rides, it has since expanded into accepting payments at retail PoS systems. The way you pay is through Grab credits – which is sort of a prepaid credit solution like digital game currency.
Grab has a nice tiered rewards structure which they recently revamped, causing a lot of unhappiness in long-time Grab users. Using GrabPay as a payment option rewards you with a more loyalty points compared to other payment methods, and these points can be redeemed for rewards in the app.
FavePay’s solution is slightly different from Grab. Fave is a coupon app which occasionally offers shopping deals. The FavePay option rewards you with merchant cashback (ranging from 5%-30%) which you can use to offset on your future visits to the merchant. I like it a lot because it’s just free money back!
You can link your credit card in the Fave app and it will pre-authorise the card for future use. When you pay with FavePay, your linked credit card then gets debited. Think of it as saving a card on file and then paying with it instantly.
You can use GrabPay on Fave now
Previously, these two apps were almost mutually exclusive – meaning if the merchant offers both solutions, you could only choose to either pay with FavePay (and get cashback credits) or GrabPay (and get reward points). However, with their recent partnership, you can pay by Fave – get cashback, and get Grab’s loyalty points, ON TOP of your credit card rewards! Why would anyone use cash now?!
By simply linking your GrabPay wallet to the Fave app, you can now enjoy double the rewards!
There is NO additional charges, or work on your end. In fact, using this payment method, you can now save even more with cashback credits, and rack up Grab loyalty points for future redemption. With Grab’s ever-expanding presence in the region, loyalty points and membership tier on their superapp might be valuable in the future, so it’s worth spending some effort in setting up and changing your habits a little.