Grab partners with MasterCard as they expand their payment firm and plans to introduce pre-paid debit that can be used widely.
Grab is not only a ride-hailing firm but also a fintech player as the company took a major step in expanding their payment firm last year. Again, Grab’s fintech division will be having a major boost as they announced their plans to partner with MasterCard.
MasterCard is a leading global payments and technology company that connects consumers, businesses, merchants, issuers, and governments around the world. Grab plans to bring a virtual pre-paid debit in the industry together with MasterCard.
The partnership also makes GrabPay a step towards the payment network. Grab’s prepaid push in the region could make a big difference and will give a large number of Southeast Asia’s 650 million population to have a debit card for the first time.
If successful, Grab will be the first payment network to cover more than a hundred million consumers. Though not all consumers are pleased with the efforts of Grab, the company is still confident that the MasterCard venture will work as MasterCard’s potential was useful.
GrabPay can already exist as a standalone firm. From being a bare system that lets users pay taxi using credit to one that could be used more widely as a digital payment is a big accomplishment for Grab.