Dubai-based ride hailing company Careem has entered into a partnership with Visa to accelerate digital payments.
The move integrates Visa credentials into the Careem Pay Wallet to address liquidity challenges. It will also help Careem drivers, known as Careem Captains, access earning in real time and send low-cost remittances.
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.”
The two companies will now work with regulators to roll out the service in all Careem-operated markets.
Visa MENA general manager Marcello Baricordi said: “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.”
Conventionally, the Middle-East prefers cash transactions. However, a recent Visa-DED security survey found growing inclination for digital payments in the UAE due to convenience and security.
Last month, India’s Zaggle partnered Visa to support different payments solutions.