Grab Launch Payment Partnership with Germany's Fintech Leader Wirecard
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, starting with the Malaysian, the Philippines and the Singapore markets, according to Wirecard, official statement.
Through this partnership, Wirecard will process card transactions for GrabPay via its digital financial commerce platform and will extend GrabPay to more merchants to expand the acceptance of the mobile payment method.
“We are proud to partner with Grab, a Southeast Asian icon,” said Georg von Waldenfels, Executive Vice President Group Business Development at Wirecard, as quoted by Deal Street Asia. “Together, we aim to continue disrupting the payment, tech and mobility industries with innovative solutions that can improve the lives of millions.”
According to a recent global Wirecard consumer survey, over 90% of consumers in Southeast Asia have used digital payments both in-store and online. Mobile wallets are almost twice as popular in the region as they are worldwide, with 44% regularly choosing them 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.
According to Tech in Asia, 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.