Singapore-based Grab has partnered Mastercard to affair prepaid cards tailored to South-east Asian consumers, extending the use of Grab’s agenda wallet and allowance its unbanked users transact online.
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 South-east Asia and aligns with our ambition of accretion agenda payments beyond all consumers and merchants,” Mastercard said yesterday.
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 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 as a banking casework battlefield for bounded companies such as Grab, Sea, and Indonesia’s Go-Jek, as able-bodied as adopted firms including Alibaba Accumulation and Tencent.
Cash charcoal the best accepted acquittal adjustment in South-east Asia.
“For the aboriginal time, these unbanked and under-banked users will be able to use basic and concrete cards to buy things online,” Mr Reuben Lai, chief managing administrator of Grab Financial, told Reuters.
Grab and Mastercard said they achievement to action their agenda in the aboriginal bisected of aing year, starting in Singapore and the Philippines.
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