Note: The article has been amended to reflect the unconfirmed nature of the write up.
Grab will be launching a new finance-related product in Malaysia next week, which will see the company making further inroads into the financial payments space in the country.
The event will see Grab announcing the product in partnership with Mastercard and Maybank. Both partners have a storied history together – the GrabPay Card uses Mastercard as the payment network, while Maybank is an indirect stakeholder of Grab.
There is widespread belief that the product will be the GrabPay Card. Grab itself has stated that it is planning to launch the Card in Malaysia, while insiders at Maybank have told us of a co-branded product with Grab launching this month. However, Grab also recently announced a bunch of other financial products, some of which are coming soon to Malaysia, so our prediction of a GrabPay Card may be off the mark.
The GrabPay physical card in Singapore. Will it launch in Malaysia next week?
Nevertheless, the launch of the GrabPay Card in Malaysia would definitely spice things up for the credit card space in the country. Recent launches of the CIMB e Credit Card and another Maybank co-brand card, the Maybank Shopee Visa Platinum, has stirred plenty of excitement among consumers. A GrabPay card, which will further expand GrabPay’s payment acceptance to nearly 53 million Mastercard merchants worldwide, is sure to attract plenty of interest.
Grab representatives also indicate that whatever product that launches next week, it will definitely tie back to expanding the ability to earn GrabRewards points. Sure, GrabRewards has seen a pretty serious devaluation, but as long as Grab does not remove the option of topping up GrabPay via credit cards, this presents the opportunity to double dip on rewards.
More info on the product will be revealed at the virtual launch event next week, so stay tuned for our coverage.