Note: This article was first published on 5 December 2019.
Grab, the company behind the ubiquitous Grab app, today announced the launch of GrabPay Card — the region's first numberless payments card — powered by Mastercard. Users will be able to make purchases at some 53 million merchants worldwide that accept Mastercard cards while receiving foreign exchange rates that will be reflected in-app. Grab users can also earn GrabRewards points at the point of transaction.
Grab is also one of the companies rumoured to be eyeing one of the five digital banking licenses that the Monetary Authority of Singapore is planning to launch.
Built with security in mind
Grab has long strived to add security to its e-wallet. Earlier this year it integrated with MyInfo, GovTech’s digital identity service to add security and perform enhanced financial and payment services.
As a numberless card, the GrabPay Card is designed to address major security concerns users associate with transacting both online and offline. The physical card is completely numberless, front and back, thus averting the prospect of theft of personal and financial information.
Existing users of Grab will have the details of their card stored securely within the Grab app, where an in-app lock card function that is PIN-protected allows users to instantly suspend payments in the unfortunate situation when they lose their card.
Mastercard also uses 3DSecure technology to protect users from online fraud. This most commonly involves a pin being sent to the user’s mobile phone for them to authenticate an online transaction.
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