Grab intros PayLater feature
Grab is rolling out its PayLater feature that allows customers to enjoy Grab’s services then pay for it at later date at zero interest.
With PayLater, consumers can use GrabCar, GrabFood, GrabMart, and GrabExpress anytime, and pay for these services a month later—all in one monthly bill.
“This new feature allows our users to enjoy Grab’s suite of services such as delivery of food or other essential items and pay for them a whole month later. It allows them to better plan their finances and manage their cash flow, as they can review all their transactions in one monthly bill with zero interest. One of the best things about this service is that consumers will also earn points for every transaction which they can collect and exchange for great rewards. It’s been a challenging year for many Filipinos, and we hope that this new Grab service brings more convenience to many people,” said Erwin Yamsuan, Head of Grab Financial Services in the Philippines.
How PayLater works
PayLater is available to top-tier and long-time Grab users who regularly use the app’s features and those with significant transactions across the app’s different services. If a consumer qualifies for this feature, it will appear as a payment method for Grab transactions, along with other payment methods such as cash, GrabPay, and enrolled credit cards.
The consumer has to click and subscribe to activate the PayLater feature. Consumers will then be given a pre-approved limit for a monthly PayLater spend. This limit will be refreshed upon payment of the PayLater balance.
Managing your PayLater account
For repayment of purchases, the PayLater bill will be generated on the 1st or 15th day of the month with seven days to settle, depending on the activation day. This allows consumers time to manage and plan their finances responsibly.
With the 0% interest rate, users will only have to pay a processing fee of 3.99% for each consolidated bill. Tracking of transactions is available in the app. Just go to the PayLater section and click the ‘view details’ button to see the current spending total, available balance, and transaction history.
As per Grab, the PayLater system is transparent so people can see that there are no hidden fees. Users can also enable notifications for regular payment reminders to avoid late fees. Note that an additional late fee of 3.99% will be charged if the bill is not paid on time.
PayLater also offers a rewarding bonus to those who avail of the service. Grab users will earn rewards points for any transaction they charge to their PayLater accounts.
For more information on the new PayLater feature, check out your Grab app or visit their official website here.