Singapore-based transportation network company Grab has partnered with payments giant Mastercard and launched Southeast Asia’s first numberless payments card facility in Singapore.
Termed as GrabPay Card, it is currently available in Singapore; however, the startup plans to launch it in the Philippines in 2020 and other Southeast Asian countries as well.
With the GrabPay card, Singaporeans will be able to use their balance in their GrabPay ewallet and carry out transactions at any of Mastercard’s network of nearly 53 million merchant outlets. For overseas transactions, the
GrabPay app will display the exchange rates or fees so that users can track their overseas spending.
Ooi Huey Tyng, managing director at Grab, called the new service an extension of the GrabPay mobile wallet.
He told the media,” As the leading everyday super app in Southeast Asia, we are at an inflection point in the adoption of digital payments. The GrabPay Card, powered by Mastercard, is a continued evolution of GrabPay.”
With the launch of the numberless GrabPay card, the startup is venturing into the fintech sector. In a bid to become a regional fintech leader, Grab is expected to add further features and also launch new services.
According to media reports, Grab is among the three dozen companies in Singapore that are planning to apply for a digital banking licence in Singapore. This follows the Monetary Authority of Singapore’s announcement that it will issue five new digital banking licences to non-bank players.
Last month, Grab’s co-founder and chief executive officer Anthony Tan revealed that the company might go public once it is profitable.