Grab, Mastercard launch GrabPay, Asia's first numberless card
Grab, a Singapore-based ride sharing, fintech and food delivery app, announced the launch of the GrabPay Card, the first numberless payment card in Asia.
Grab said the new co-branded Mastercard provides a highly secure payment option for millions of underbanked consumers in the Southeast Asian market, where Grab is the leading super app.
"The physical version of the card is completely numberless, front and back, thus averting the prospect of theft of personal and financial information," Huey Tyng Ooi, managing director GrabPay, told Mobile Payments Today via email. "As an extension of the GrabPay wallet, the details of the card are stored securely within the Grab app."
Grab plans to launch the app in the Philippines during the first quarter of 2020, and later expand to other Southeast Asian markets during the first half of the year.
The company will for a limited time award up to 10X in GrabPay Rewards points for every dollar spent on the card. The card can be used to make purchases at any one of Mastercard's 53 million merchant locations globally.
The card can also be added to the Samsung Pay wallet to make purchases at contactless terminals.