Ride-hailing giant, Grab, has launched GrabPay Card in the Philippines, powered by Mastercard.
The GrabPay Card is a physical prepaid card that works together with the Grab app, where the balance of the card is tied to user's e-wallet balance.
Consumers can use the card just like any other debit card to make online purchases, or on contact-less payment terminals that accept Mastercard cards.
As of today, approximately 40% of Filipino consumers are using contactless payments more often, with approximately $865 million worth of transactions taking place between April 1st - April 24th this year.
The government of Philippines also aims to gradually phase out the use of cash in its society in the coming years, eventually migrating fully to digital payments.
“As cities slowly get back on their feet after months of lockdown brought about by the Covid-19 pandemic, digital payments become the critical enabler to embrace this new reality,” said GrabPay Philippines head Jonny Bates.