GrabPay’s retreat is GXS Bank’s gain

WHEN news broke earlier this month that ride-hailing giant and fintech platform Grab would discontinue its GrabPay Card issued by Mastercard from Jun 1, many were quick to see it as a casualty of Grab’s profitability drive.

Indeed, that might have been a factor in Grab’s decision to kill off the product.

But, looking at the bigger picture, cutting the service might point instead to the company pushing the utilisation of the payment methods offered by GXS Bank – the digital bank backed by Grab and Singtel.