SINGAPORE: Grab has launched Asia’s first numberless card with Mastercard, the ride-hailing firm announced on Thursday (Dec 5).
The GrabPay Card will allow its users to make purchases at any of Mastercard’s network of nearly 53 million merchant outlets. For overseas transactions, the related exchange rates or fees are will be be displayed in the GrabPay app so users can track their overseas spend.
Users may also earn reward points for any purchases made at merchants that accept Mastercard cards or for Grab services.
The new card comes in both physical and digital versions. Users can sign up for the digital version via the Grab app, and receive the physical card after.
READ: Grab seeks to be largest financial service provider in Southeast Asia; launches several initiatives
“We will continue to add features to the wallet and card to enable our users to enjoy simpler, more flexible digital payments experience," said GrabPay managing director Huey Tyng Ooi.
“GrabPay users will be able to transact safely, securely and effortlessly with one of the first e-wallets from Southeast Asia that offers worldwide acceptance,” added Mastercard executive vice president Rama Sridhar.
The digital card will be available in Singapore from Thursday, with a Philippine launch planned in the first quarter of next year. It is expected to be launched in the other parts of Southeast Asia throughout the first half of 2020.
The physical card will be completely numberless to reduce the risk of theft of personal and financial information.
Details of the card will be stored within the app, which will feature a PIN-protected lock card function to allow users to instantly suspend payments for lost cards.
Other perks for the card include insurance coverage on online purchases for eligible items in the event a wrong or defective item is delivered, or a non-delivery.
Earlier this year, the firm announced its aim of becoming one of the region’s largest financial services provider.
The company is also looking to form a consortium to bid for a digital bank licence in Singapore, according to reports.