These days, there are loads of different ways you can pay for things. However, as consumers, we are always looking for more convenience and security when it comes to transactions. GrabPay Card is the newest offering in cashless mobile payment solutions, and there are plenty of positive features that make it an appealing option for the savvy consumer.
Some might already be familiar with Grab. The company is a popular South-East Asian based ride-hailing service. In addition to transport, Grab offers food delivery, and now digital payments via a mobile app on Samsung Devices.
That’s right. Grab are diversifying their offering to customers with a digital wallet that rivals competitors in this space. The digital card is a Mastercard branded payment card that allows people to use credit or debit to pay through a digital wallet while easily tracking all transactions. It can be used anywhere that accepts Mastercard and gives seamless convenience by allowing customers to pay with their phones, rather than digging in a wallet or handbag for cash and cards. Another real highlight of this card, as opposed to traditional bank cards, is that it can easily be used overseas, linking all currencies back to a single wallet.
The arrival of GrabPay has gotten plenty of people excited, so we have taken a comprehensive look at the card below.
Video on how to activate GrabPay Card from Grab official youtube channel:
How does GrabPay card work?
Firstly, customers need to put in an application and be accepted to receive their GrabPay digital Mastercard. Once this has been approved, the card is added to the wallet function on their mobile phone. This is quite similar to adding a physical bank card to your wallet, with the added bonus of the additional features that GrabPay offers (which we discuss below). Offline payments can be made with GrabPay Card, and if a customer wants, they can ask to have a numberless physical card sent to them. Currently, this digital card is only available to Singapore residents, but it will soon be possible to get one in other countries across South East Asia.
GrabPay card Features
The thing that makes GrabPay Card so appealing is not only the convenience of cashless/cardless payments but the number of features built into the platform. These include:
Because GrabPay card details are stored in the mobile application, and the numberless physical card, security risks are significantly reduced. The numberless card makes it much more difficult for the card information to be obtained by a third party. People can’t steal what they can’t see, so you can be sure no one can access your card details, even if they have physical contact with it. Also, the card can be locked from within the GrabPay app. That means all users can quickly and effectively react to fraudulent activity and will be supported by the 24/7 customer experience team.
GrabPay already has a comprehensive reward program called GrabRewards. The digital card will allow its users to earn more points based on usage. Cardholders will receive GrabRewards on all purchases, including spends on Grab services. This also includes transactions with any Mastercard merchants around the world. That means opportunities to reap the rewards are significantly increased. Those already using GrabRewards will see this as a strong incentive to sign up for the card. Rewards can be redeemed towards vouchers and even Singapore Air’s Krisflyer points.
While you can still scan QR codes within the GrabPay app to make payments in-store, the GrabPay card adds even more comfort by allowing use anywhere that accepts Mastercard. One of the most popular things about the card is that it is ideal for travel. It attracts a foreign transaction fee of only 2%, which is much lower than most traditional banks. Even at their lowest, most banks are now only offering 3.5%. The exchange rate is determined by Mastercard and will be the same as all other Mastercard transactions, but Grab controls the transaction fee. The company is very transparent about these charges, and they can easily be checked in the app.
One feature that many people probably won’t realize right away is that the GrabPay Card comes with three kinds of insurance. If you pay your mobile phone bill with your GrabPay Card, you get protection against accidental damage and theft with a policy from AIG, issued by Grab. It is important to note that you need to pay your bill each month with the card. Also, when making online purchases with your card, you are covered against incomplete delivery and defective products. There are quite a few exclusions, but this is more than you get when using most other online payment methods. Lastly, if you buy flights with your GrabPay Card and your flight gets delayed for more than 2 hours, you will receive a complimentary pass to airport lounges under the Mastercard flight delay pass system.
The GrabPay Card is an appealing and exciting addition to the digital payment world. One thing that is important to note is that it is not compatible with Apple or Google Play. You can only use the card with the Samsung Pay platform. If you have a Samsung phone, using the digital card is very simple, and for those with other phones, to access GrabPay via a card, you will need to get the physical card.
The GrabPay Card demonstrates that the company is leveraging its existing user base to expand into financial services. However, in doing so, they are also offering plenty of perks to customers. The signup process for the card is straightforward and can be done within the app. There are no signup fees, and most approvals come through very quickly, so that the digital card can be used right away.
In our opinion, the GrabPay card is a convenient payment option for those who can utilize it, and it will save people significant time and money. We look forward to seeing how and where it expands in 2020. Meanwhile, you can check digital banking offers in Asia.