Grab And Mastercard To Release Prepaid Cards In 2019
Grab has partnered with payments processor Mastercard to issue prepaid cards to Southeast Asian consumers.
The cards, which will be released through Grab’s app physically and virtually, are expected to be launched in the first half of 2019, starting in Singapore and Philippines. Consumers will be able to use them at online and offline merchants that accept Mastercard.
Customers wills be able top up their cards using cash through agents, drivers and merchants on the GrabPay platform.
Southeast Asia has a large unbanked population, and cash remains the most popular payment method. These cards will extend the use of Grab’s digital wallet and help consumers who do not have a bank account to make transactions online.
“For the first time, these unbanked and under-banked users will be able to use virtual and physical cards to buy things online,” said Reuben Lai, senior managing director of Grab Financial.