Southeast Asian (SEA) ride-hailing giant Grab has announced the launch of its digital-first prepaid card GrabPay Card in the Philippines, the result of its collaboration with Mastercard.

The company looks to unlock hassle-free online payment solutions and expand its rewards ecosystem, in order to encourage cashless payments amidst the no-contact norm in this pandemic.

Last year, by announcing its partnership with Mastercard, Grab introduced the prepaid card that will enable users to pay for purchases with their GrabPay e-wallet balance to merchants anywhere in the world.

The card debuted in Singapore and will extend its service to the rest of the SEA region.

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Through the card, users can pay for everything online, which includes 53 million global merchants that accept Mastercard cards. Some perks include Grab Rewards, mobile protection insurance and e-commerce protection that allows users to receive coverage for online transactions.

The rise of a cashless society

As many countries in Southeast Asia begin to loosen their lockdown laws, there is still a major focus on maintaining social distancing.

The pandemic’s outbreak has undoubtedly prompted many businesses to adopt mobile payment methods as a form of payment and, in turn, contributed to the rise of a new cashless society that would reduce the risk of the virus.

In a recent survey by Master Card in the Philippines, 40 per cent of Filipino consumers are now employing contactless payments due to the COVID-19 pandemic.

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“As cities slowly get back on their feet after months of lockdown brought about by the COVID-19 pandemic, digital payments become the critical enabler to embrace this new reality,” said Jonny Bates, Head of GrabPay Philippines in a statement.

“The launch of the digital GrabPay Card powered by Mastercard supports our mission of providing safer transactions and bringing more cashless opportunities to Filipinos not only for local transactions but also everywhere in the world,” he added.

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Image Credit: Grab

 

 

 

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