Grab, the app that has been offering various types of services recently introduced its new feature which will allow users to pay for their purchases at a later date. The accumulated expenses will be billed one time (like a credit card) at zero interest.
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. 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.
If a consumer qualifies for the 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.
Previously rolled out in neighboring countries, PayLater is being introduced in the Philippines to give users more payment options. As the pandemic rages on, going out is still not advisable. Many people now rely heavily on online or app ordering. Grab’s GrabFood, GrabExpress, GrabMart, and GrabCar have become staples during lockdowns (or enhanced community quarantine).
“This new feature allows our users to enjoy Grab’s suite of services such as the delivery of food or other essential items and pay for them a whole month later,” said Erwin Yamsuan, head of Grab Financial Services in the Philippines. “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. Consumers will also earn points for every transaction which they can collect and exchange for great.”
Seven days to settle
For repayment of purchases, the PayLater bill will be generated on the 1st or 15th of the month with seven days to settle, depending on the activation day. This will give consumers time to manage and plan their finances responsibly.
With 0% interest, users will only have to pay a processing fee of 3.99% for each consolidated bill. PayLater users can avoid any bill shock by tracking their transactions. Just go to the PayLater section and click the “view details” button to see their current spending total, available balance, and transaction history. The entire PayLater system is transparent, so people can see that there are no hidden fees. To avoid late fees, users can enable their notifications to receive regular payment reminders before their due date.
Aside from the convenience it offers to users, PayLater also offers a rewarding bonus to those who avail of the service. Grab users will earn reward points for any transaction they charge to their PayLater accounts.