Grab, Wirecard launch payments partnership in Southeast Asia
via Tech in Asia
Wirecard and Southeast Asian tech giant Grab has announced a partnership that would allow the global financial services provider to process transactions made via the GrabPay e-wallet.
With the partnership, customers can use the GrabPay e-wallet to make both offline and online transactions, including ride-hailing and food delivery payments, as well as purchases on ecommerce sites or at physical stores.
Wirecard will also process card transactions for GrabPay through its digital financial commerce platform and will extend the e-wallet service to more merchants to increase its adoption.
The initiative is set to be rolled out in Malaysia, the Philippines, and Singapore initially, according to a statement.
A recent global Wirecard consumer survey shows that over 90% of consumers in Southeast Asia have used digital payments both in stores and online. About 44% of those surveyed in the region also regularly chose mobile wallets as a payment method, compared to the global average of 25%.
GrabPay is one of the most widely used e-wallets in Southeast Asia, accepted by over 600,000 merchants and small businesses.
It has recently made moves to further expand its offering, including the recent launch of its digital and physical numberless payments card in partnership with global payments giant Mastercard. GrabPay also said it plans to continue adding features to its e-wallet and the new cards in a bid to become a regional fintech leader.
GrabPay is one of the e-wallet players chosen by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad to participate in its US$109 million e-Tunai Rakyat initiative, which aims to encourage the use of cashless payments in the country.