Visa x Careem: Expanding Digital Payments in Middle East 

Visa x Careem: Expanding Digital Payments in Middle East 

Press Release: At Careem Pay, the goal is clear: simplifying and improving the lives of more people across the region. In a recent announcement, Careem has announced its partnership with Visa, the world’s leader in digital payments, to expand access to digital payments in the Middle East.

With the integration of Visa credentials into the Careem Pay Wallet, Careem Captains will now be able to overcome all the difficulties that come with cash. Realtime Earnings: Captains will be able to access their earnings from daily trips in real-time as opposed to any time lags. They will also be able to use low-cost remittance solutions to send money back to their families.

*Photo was taken before social distancing measures were implemented

Junaid Iqbal, Managing Director, Careem Pay said:

“The only way digital payments truly make a difference is when both sides of the market benefit. Through this partnership with Visa, Careem will be paying captains in real-time, bringing them into the digital marketplace and removing the need for cash. Digital payments are the backbone of Careem’s Super App, giving us immense opportunities to simplify the lives of even more people across the region. The partnership with Visa will not only solve cash flow constraints, but will also provide many new use cases to improve the everyday lives of Careem customers.”

Even though the Middle East region is mostly cash-based, the growing trend is a move away from cash. A recent Visa-DED security survey revealed that people in the UAE prefer digital payments over cash because they find it more convenient (93%) and secure (84%). By partnering with Visa, we aim to bring more access to digital payments in the region.

Marcello Baricordi, Visa’s General Manager for MENA, commented,

“This is the latest example of how Visa is partnering with like-minded organisations to introduce convenient and secure cashless solutions that not only grow the digital payments ecosystem and but also bring formal financial services to the unbanked and underbanked.”

He added: “Careem is one of the Middle East’s true tech ’unicorns‘ and one of the largest gig ride-hailing services in this region. Through our global payments network, VisaNet, we are helping Careem’s Super App move into global commerce and into cross border in a fast, scalable, innovative way by giving their millions of captains and consumers more options for managing their money and moving it in real-time.”

Visa and Careem will partner with licensed banks and regulators to roll out this service across the entire region where Careem operates, initiating from the United Arab Emirates, Pakistan, Egypt, Jordan, and the Kingdom of Saudi Arabia.

Image Source: Careem