Grab introduces a new “spend first, pay later” function, allowing customers to spend freely until the end of the month to pay

According to the latest information, Grab Sinpaore has just launched a new feature that makes people who regularly use this app to order a car or order food and deliver goods very happy. Accordingly, Grab’s new payment system, called PayLater, allows customers to owe payment for each service and then “pay one piece” at the end of each month.

This function applies to all Grab services including GrabRide car ordering, GrabFood food ordering and GrabExpress delivery service. Of course, customers can’t owe as much as they want. Grab side gives each user a “limit” of debt for their PayLater function depending on the points in GrabRewards but has not disclosed details.

Currently, customers of this application in Singapore are divided into the following levels:

Members (0 points)

Silver (3000 points)

Gold (9000 points)

Platinum (19,000 points)

Once customers activate PayLater, the previous month’s invoice will be sent on the 1st of the next month and the deadline for payment is on the 7th of every month.

Thus, with PayLater, you not only get the convenience of paying for everything but also can track the total spending through this app monthly.

The thin line between “God” and “Debtor”

Grab’s new function makes many people think of a credit card, helping users to spend more freely, turning customers into true “gods”.

However, when PayLater is in hand, there are certainly many people who always feel like they have money and money, so they often fall into control of spending. With just a few clicks, you can pay anything that makes users forget the feeling of “losing money” and forgetting how much money they have. Not to mention that Grab is aiming to be a “super-responsive” use “means to provide all services in the world to customers through a single application. The payment is now easier will make customers involuntarily have to stick and unable to leave Grab.

The problem is, consumers will only look at the utility of the service but forget to look closely at the ability to pay the debt or outstanding loans and at the end of the month. For example, with credit cards, with people spending beyond control, making the high debt at the end of the month unable to pay debt on time, then the bank will “squeeze debt” at an unbelievably high interest rate. . Credit card debt is always rated as the “most feared” type of debt because of its very high interest rates. Currently, interest rates are quite high, ranging from 20-30% / year.

Grab mentioned the fee when a customer fails to pay the monthly invoice on time but does not specify how much.

Of course, Grab also considers customers unable to pay their bills at the end of the month. However, the company said it only charges a fee called “admin fee” (management fee) when customers delay paying the bill without specifying what the fee is.