SINGAPORE (Reuters) – Singapore-based Grab has partnered payments processor Mastercard Inc (MA.N) to affair prepaid cards tailored to Southeast Asian consumers, extending the use of Grab’s agenda wallet and allowance its unbanked users transact online.
FILE PHOTO: A man walks accomplished a Grab appointment in Singapore March 26, 2018. REUTERS/Edgar Su/File Photo
The companies achievement to advantage Grab’s 110 actor users based on download numbers, and Mastercard’s arrangement of 3 actor merchant outlets.
“This affiliation with Grab decidedly advances our ability in Southeast Asia and aligns with our ambition of accretion agenda payments beyond all consumers and merchants,” Mastercard said in the companies’ collective account on Thursday.
Grab will affair basic and concrete prepaid cards through its app. Customers can top up their cards application banknote through agents, drivers and merchants on the GrabPay platform, and will be able to use them at online and offline merchants that acquire Mastercard.
Six-year-old Grab, which fabricated its alpha as a taxi-booking app, is transforming itself into a customer technology group, alms casework such as aliment and bindle deliveries, micro-loans and adaptable payments in one of the world’s fastest-growing internet markets – home to some 640 actor people.
The arena with its ample unbanked citizenry has emerged has a banking casework battlefield for bounded companies such as Grab, Sea Ltd (SE.N) and Indonesia’s Go-Jek, as able-bodied as adopted firms including Alibaba Accumulation Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK).
Cash charcoal the best accepted acquittal adjustment in Southeast Asia, authoritative the arena arduous for e-commerce firms.
“For the aboriginal time, these unbanked and under-banked users will be able to use basic and concrete cards to buy things online,” Reuben Lai, chief managing director, Grab Financial, told Reuters.
Grab and Mastercard said they achievement to action their agenda in the aboriginal bisected of 2019, starting in Singapore and the Philippines.
Reporting by Aradhana Aravindan; Editing by Christopher Cushing
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