Visa pairs up with Careem for payments offer


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • Careem is a ride hailing app operating in the Middle East region.
  • The two firms will work alongside each other to offer better payments opportunities to Careem’s drivers, including in terms of remittances and cash flow.
  • “Careem is one of the Middle East’s true tech ‘unicorns’ and one of the largest gig ride hailing services in this region,” said a senior Visa figure.

Financial services firm Visa will work alongside a ride hailing app called Careem in a new partnership aimed at boosting access to digital payments.

The two firms will work together to improve online money transfer services in the Middle East.

As part of the new arrangement, Visa credentials will be built into a Careem function called the Careem Pay Wallet.

From there, Careem Captains, as the firm’s drivers are known, will be able to “overcome all the difficulties that come with cash,” Careem said.

They will be able to get control of their earnings from each ride on a daily basis with no time delays, and they will be able to send money home via a remittance delivery service.

According to the firm, moves away from cash are underfoot in the region.

According to a survey carried out by Visa-DED, 93% of respondents in the United Arab Emirates described paying digitally as more convenient.

In a statement, Marcello Baricordi, who is the general manager at Visa for the Middle East and North Africa region, said that this is the most recent example of Visa partnering with likeminded businesses to introduce secure and convenient cashless solutions that develop the digital payments ecosystem and 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.”

On Careem Pay’s part, managing director Junaid Iqbal said that there was scope to “simplify the lives of even more people across the region”.

“The only way digital payments truly make a difference is when both sides of the market benefit,” he said.

“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,” he added.

Are you interested in hearing more about the activities of other innovative firms in the remittances space? If so, just head over to our magazine pages to read more.

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