Grab announces discontinuation of GrabPay card effective 1 June

SINGAPORE: Ride-hailing giant and fintech platform Grab has announced its decision to discontinue both its physical and digital GrabPay Card effective 1 June.

The company revealed that this move follows a thorough evaluation of its financial services business, as stated on Monday (1 April).

“After careful consideration, we have decided to discontinue the GrabPay Card effective 1 June 2024. This decision comes after an evaluation of our existing financial services business,” Grab explained.

Beginning 1 June 2024, users will no longer be able to conduct online or offline transactions using their digital or physical GrabPay Card.

Grab emphasized the higher adoption rates of other services like PayLater by Grab and GrabPay Wallet, which align more closely with users’ preferences.

As of 1 April 2024, Grab ceased accepting new applications for both the digital and physical GrabPay Card.

Replacement requests for physical cards will be honoured until 30 April 2024, with no further requests accepted after this date.

Users with unactivated physical cards must activate them before 31 May 2024, as they will become unusable after this date.

Originally launched in December 2019 in partnership with Mastercard, the GrabPay Card was celebrated as Asia’s first numberless physical card, offering enhanced security features.

It operated as a prepaid card linked to users’ GrabPay Wallets, with card details stored securely within the Grab app.

Despite the discontinuation of the GrabPay Card, Grab assures users that they can continue to utilize their GrabPay Wallet for transactions both online and in-store.

Furthermore, users can continue to accrue GrabRewards points on all eligible online and in-store transactions, both locally and overseas, until 31 May 2024.

There are no alterations to the points earning system during this period, although a non-refundable 2% processing fee is applicable to overseas transactions.

Despite the discontinuation of the GrabPay Card on 1 June, Grab has assured users that it will continue to assist in ongoing disputes or investigations involving the GrabPay Card until 30 September.