Grab, Mastercard to launch prepaid cards for consumers in SEA
Grab and Mastercard has recently announced a partnership to issue prepaid cards that customers can use online or offline at any merchant around the world that is accepting Mastercard.
The partnership involves the integration of Mastercard prepaid card with GrabPay, combining the strengths of Grab with a user base of over 110 million downloads, and Mastercard with 3 million-strong network of merchant outlets.
Grab will issue both virtual and physical prepaid cards, directly from Grab app. Consumers in the region will be able to apply for the prepaid card directly from the Grab app, and receive a virtual card in their GrabPay wallet. Grab will also offer a physical prepaid card, enabled by both NFC and EMV chip technology.
Consumers can top-up the cards via Grab’s 8 million ‘micro-entrepreneurs’, the drivers, agents and merchants on the GrabPay platform. These micro-entrepreneurs will serve as ‘mobile ATMs’ and benefit from the additional cash flow top-ups offer them.
Grab and Mastercard expects to offer the card in the first half of 2019, starting in Singapore and the Philippines, representing some of the most banked (98%) and the least banked (34%) countries in Southeast Asia respectively.