Grab Discontinues GrabPay Cards, Expands Board of Directors
Ride-hailing giant and fintech platform Grab has announced the discontinuation of its physical and digital GrabPay cards effective June 1. The company launched the cards in December 2019 in partnership with Mastercard. As Asia’s first numberless physical card, users celebrated their enhanced security features. Grab’s decision stems from an evaluation of its financial services business. Furthermore, it revealed a higher adoption of alternative offerings like PayLater and GrabPay Wallet.
Users will no longer be able to conduct online or offline transactions using GrabPay cards after June 1, 2024. The company ceased accepting new card applications from April 1. Currently, replacements for physical cards are still available until April 30. Furthermore, users can continue earning GrabRewards points until May 31. Grab also informed they will continue support for disputes or investigations until September 30.
Changes in Grab Board as well
In parallel with this development, Grab Holdings Limited (NASDAQ: GRAB) has announced significant changes to its Board of Directors, effective April 1, 2024. Grab has appointed Daniel Yun and David Loh to the board. Daniel Yun is the Chief Executive Officer of KakaoBank. While, David Loh is Executive Director and Joint Chairman of Centurion Corporation. This move has expanded its board membership to seven members. This expansion follows the retirement of Oliver Jay. Grab Group CEO and Co-Founder, Anthony Tan has named Oliver Jay as a distinguished board member. He also praised him for his invaluable contributions. Tan expressed enthusiasm in welcoming Yun and Loh. He cited their expertise in digital financial services and the investment industry, respectively. In conclusion, these appointments are poised to enrich Grab’s strategic vision and drive its future growth and profitability.
Amidst these changes, Grab reaffirms its commitment to evolving consumer needs by optimizing its product portfolio. Moreover, the company’s decision to discontinue GrabPay cards underscores its focus on refining core offerings and enhancing user experience. As it navigates this transition, Grab seems to delivering value to its extensive user base across Southeast Asia.
