Grab launches numberless payment card in Singapore
Last Updated on by Segun Ayo
Grab on Thursday announced the launch of a new payments card, called GrabPay Card, which it is claiming to be Asia’s first numberless card.
According to the ride-sharing giant, the GrabPay Card will provide an expanded rewards ecosystem and Grab payments integration to improve cashless payments in Southeast Asia.
The digital version of the GrabPay Card will initially be available in Singapore and is expected to be rolled out to the Philippines early next year. The ride-sharing giant also has plans to release the payments card to other Southeast Asian countries in the first half of next year.
Users can add the digital version of their GrabPay Card to a Samsung Pay wallet and make offline payments by tapping their device at any contactless-enabled payments terminal.
Grab users in Singapore can sign up for the card after completing a customer verification process in the Grab app. After they are verified, users will be able to use their digital GrabPay Card, linked to their GrabPay balance in their wallet, to make purchases online, in app, or pay offline merchants using Samsung Pay.
Users will also be able to apply for a physical numberless card after they have received their digital card, with the physical card to be rolled out in batches, Grab said. The physical version of the card will be completely numberless on both its front and back.
The card was developed in partnership with Mastercard.
“The GrabPay Card, powered by Mastercard, is a continued evolution of GrabPay. We will continue to add features to the wallet and card to enable our users to enjoy simpler, more flexible digital payments experience,” Huey Tyng Ooi, managing director of GrabPay said.
Earlier this year, Grab announced it would grow its footprint in Vietnam with a planned $500 million investment, which will go towards the introduction of new services and expansion of existing ones such as transport and payments. To span over five years, the funds injection will help the ride-sharing operator tap opportunities in fintech, logistics, and mobility.
It also unveiled plans in July to invest $2 billion in Indonesia to develop the local digital infrastructure, including an electric vehicle transport network, and introduce “affordable” e-healthcare services.
Less than a month after securing $1.46 billion from Softbank Vision Fund, mobile app platform Grab is seeking another $2 billion to further drive its expansion efforts in the region, specifically Indonesia, where it says it will be four times bigger than its closest rival by end-2019.
Funded by SoftBank, the US$2 billion investment plans will see Grab develop an electric vehicle transport network and geomapping services as well as introduce “affordable” e-healthcare services to increase access to medical assistance in the country.
New research lab will be the mobile app developer’s seventh worldwide and will focus on using machine learning to improve driver safety and developing real-time communications functions, such as VoIP calls over its GrabChat messaging platform.
Ride-sharing operator Grab will tap data from its platform to extract insights on transport patterns in Southeast Asian cities, and jointly develop applications with National University of Singapore to “transform” urban transportation.
Ride-sharing company launches fintech platform and partners Credit Saison and Chubb to offer credit-scoring services as well as loans and insurance services targeted at consumers and micro-businesses across Southeast Asia.