Singapore-based ride-hailing company Grab has reportedly teamed up with financial giant Mastercard to launch its new prepaid credit cards. This news comes less than a month after Grab received its e-money license for mobile wallet service in the Philippines.
According to TechCrunch, the new deal with Mastercard will allow Grab to offer its 110 million registered users with the option to use a virtual Mastercard to make payments both in-person and online. Users of the ride-hailing service will also to use Grab’s physical “Grab Pay” cards or virtual ones – the card number, expiry date, and other details will be available within the Grab app.
Speaking about the collaboration, Reuben Lai, Senior MD at Grab Financial, reportedly stated:
“This partnership goes beyond Grab issuing prepaid cards and is a game-changer for Southeast Asia. We are the first e-wallet at scale from our region to be accepted worldwide.”
As previously reported, Grab was founded in 2012 and began as a taxi-hailing app and has extended its product platform to include private car services (GrabCar & GrabShare), motorcycle taxis (GrabBike), social carpooling (GrabHitch), last mile delivery (GrabExpress & GrabFood), bus & shuttle services (GrabCoach & GrabShuttle), cycling services (GrabCycle), an ideas incubator (GrabVentures), as well as a fintech platform (GrabPay, GrabRewards, GrabBenefits, Loans and Lending Services, Insurance).
“We are focused on pioneering new commuting and payment alternatives for drivers and passengers with an emphasis on speed, safety, and reliability.”