Wirecard to process GrabPay e-wallet transactions
Digital financial technology provider Wirecard AG is partnering with Grab to process transactions from the GrabPay e-wallet in Malaysia, the Philippines and Singapore.
Consumers can use the GrabPay e-wallet to pay for transactions online and offline, for Grab services like ride-hailing or food delivery, but also for purchases on e-commerce sites or at physical stores.
Through this partnership, Aschheim, Germany-based Wirecard will process card transactions for GrabPay through its digital financial commerce platform and 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,” Georg von Waldenfels, executive vice president of group business development at Wirecard, said in a Wednesday press release. “Together, we aim to continue disrupting the payment, tech and mobility industries with innovative solutions that can improve the lives of millions.”
The GrabPay e-wallet is accepted by more than 600,000 merchants and small businesses in Southeast Asia.
As part of its overall expansion plans, Grab also most recently launched its prepaid GrabPay Card into Singapore, with plans for the Philippines and Malaysia.
Initially a ride-sharing provider like Uber or Lyft in the U.S., Grab has expanded its digital wallet capabilities to offer a range of financial services.
“We are thrilled to partner with Wirecard as we progress on our journey of building a cashless economy for millions of businesses across Southeast Asia," Reuben Lai, senior managing director of Grab Financial Group, said in the release.
"Wirecard’s innovative mobile payments solutions will not only complement our GrabPay e-wallet platform, but also offer businesses and consumers the opportunity to transact with greater security, convenience and flexibility,” Lai added.
Wirecard AG, founded in 1999, has been one of the most aggressive financial and payments technology providers the past few years, despite dealing with allegations last year of executives being involved in fraudulent activities.
Wirecard has defended its executives who were accused of suspect accounting practices and has conducted independent audits of its operations.