Careem enters the digital payment platform to face Apple and Samsung Pay

Careem enters the digital payment platform to face Apple and Samsung Pay

Support platform Careem has entered the digital payment platform and is preparing to face Apple Pay and Samsung Pay. The platform has partnered with Visa to integrate its credentials into the super portfolio of Careem Pay apps in the Middle East and North Africa region. “We plan to bring more use cases because there is always a big way to pay with cash. As we progress on our super app adventure, we offer our Careem Captains (Drivers) Financial Payment Services to solve liquidity problems associated with cash conversion due to Covid-19, low remittance costs and real-time access to the funds,” said Junaid Iqbal, Managing Director of Careem Pay. Careem operates in more than 100 cities in 13 countries and has created 1.7 million jobs in the region. In January 2020, Careem became a subsidiary of Uber. The company also ventured into delivery services, RTA taxis, food delivery, money transfer, and mobile charging. Otto Williams, Vice President, Head of Strategic Partnerships, Fintechs and Ventures, CEMEA at Visa, said they have signed a multi-year agreement with Careem that will make Visa's push payment services available through the app. “We have 60 million merchants around the world who accept Visa. Careem super app opens opportunities and financial access to millions of users and captains. Furthermore, he said that Covid-19 has radically changed the way people spend, send and use money. “As the pandemic is already reinforcing existing trends towards further digitization of payments, it is essential to introduce practical and secure cashless solutions to provide formal financial services to the underbanked. Our next-generation money transfer solutions include income payments, P2P transfers, and cross-border remittances that are an integral part of economic recovery,” he said.

Money is still king in the region.

Iqbal said that the digital payment platform will be rolled out in the UAE first in the next quarter, followed by Saudi Arabia, Jordan, Egypt, Pakistan and other parts of the region before the end of the year. Once people have Visa credentials, he said it can also be used to pay for Uber, Apple or Google Pay rides, or to pay for online purchases. Visa and Careem will work in partnership with banks and approved regulators to roll out this service throughout the region. Iqbal said that more than 75% of payment transactions in the region are still in cash, while it is more than 90% in Pakistan, the United Arab Emirates less than 40% and Saudi Arabia around 50%. "Most banks don't have open APIs, but there are Fintechs that can help businesses connect directly with banks. We hope banks will move out of open APIs, and in the meantime, we'll explore ways to integrate with banks," said.