SINGAPORE: Ride-hailing giant and fintech platform Grab will discontinue its physical and digital GrabPay card from Jun 1.

This decision was made after an evaluation of its financial services business, Grab said on Monday (Apr 1).

"We have observed much higher adoption and use of other Grab offerings (such as PayLater by Grab, GrabPay Wallet) that better cater to the needs of our users. We aim to thus concentrate our efforts on refining these products to provide an even better user experience for you," it added.

The GrabPay card was launched in Singapore in December 2019 in partnership with Mastercard and was touted as Asia’s first numberless physical card for enhanced security. 

The card details are stored in the Grab app, protected with biometric safety features. 

It functions like a prepaid card that is linked to users' GrabPay Wallet. 

Grab offers deliveries, rides and financial services in several Southeast Asian countries, including Indonesia, Malaysia, Philippines, Thailand and Vietnam.

After reporting its first quarterly profit in February, the Singapore-based company had forecast weaker-than-expected 2024 revenue.

Grab said on Monday that there will be no impact on users' GrabPay Wallet balance.