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| Careem and Visa sign landmark partnership |
Dubai, UAE, 28 June
2020- Careem, the internet
platform for the greater Middle East, and Visa (NYSE: V), the world’s leader in
digital payments, have partnered to expand digital financial inclusion across
the Middle East and North Africa region by integrating Visa credentials into the
Careem Pay Super App and providing Careem captains (the term for Careem
drivers) with financial payment services that aim to resolve liquidity
challenges associated with cash conversion, remittances and real-time access to
funds.
2020- Careem, the internet
platform for the greater Middle East, and Visa (NYSE: V), the world’s leader in
digital payments, have partnered to expand digital financial inclusion across
the Middle East and North Africa region by integrating Visa credentials into the
Careem Pay Super App and providing Careem captains (the term for Careem
drivers) with financial payment services that aim to resolve liquidity
challenges associated with cash conversion, remittances and real-time access to
funds.
Initially, Careem’s captains
in five countries will be issued with Visa card credentials that will allow
them to access a variety of advanced payment solutions. The Careem Pay Super
App will be equipped with Visa’s real time push payment solution Visa Direct that allows fast, safe, convenient, and
real-time payments directly to eligible cards, accounts and wallets. This will
enable Careem captains to instantly access earnings from their daily trips in
real-time as opposed to any time lags. Careem captains will also be able to use
low-cost remittance solutions to make fund transfers to bank accounts and Visa
cards worldwide, providing them access to cheaper modes of remitting money.
in five countries will be issued with Visa card credentials that will allow
them to access a variety of advanced payment solutions. The Careem Pay Super
App will be equipped with Visa’s real time push payment solution Visa Direct that allows fast, safe, convenient, and
real-time payments directly to eligible cards, accounts and wallets. This will
enable Careem captains to instantly access earnings from their daily trips in
real-time as opposed to any time lags. Careem captains will also be able to use
low-cost remittance solutions to make fund transfers to bank accounts and Visa
cards worldwide, providing them access to cheaper modes of remitting money.
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.
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 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.”
This move aligns with
increased adoption and preference for digital payments. Visa’s latest Stay
Secure survey shows that consumers in the Middle East, including Pakistan, prefer digital
payments over cash because they find it more secure, faster, convenient and
widely accepted. There is also a growing trend of contactless payment adoption,
which now represent at least a third of all face-to-face transactions in nearly
50 countries, according to Visa data. In the UAE and Saudi, that figure is
higher – with 8 out of 10 transactions in Saudi and more than half of
transactions in UAE made using contactless cards or devices.
increased adoption and preference for digital payments. Visa’s latest Stay
Secure survey shows that consumers in the Middle East, including Pakistan, prefer digital
payments over cash because they find it more secure, faster, convenient and
widely accepted. There is also a growing trend of contactless payment adoption,
which now represent at least a third of all face-to-face transactions in nearly
50 countries, according to Visa data. In the UAE and Saudi, that figure is
higher – with 8 out of 10 transactions in Saudi and more than half of
transactions in UAE made using contactless cards or devices.
Marcello
Baricordi, Visa’s General Manager for MENA, commented, “Societies around the world have been challenged by
the coronavirus outbreak, and many individuals and businesses continue to
experience severe hardship, especially the underbanked who are more vulnerable.
As a company, Visa is working hard, along with our
partners including fintechs, Super Apps and Digital Banks, to support, inform
and protect our societies. We’re seeing how COVID-19 has radically changed how
we spend, send and use money. Enabling secure, immediate movement of money for
gig economy workers like Careem captains is especially vital as we support
economic recovery efforts.”
Baricordi, Visa’s General Manager for MENA, commented, “Societies around the world have been challenged by
the coronavirus outbreak, and many individuals and businesses continue to
experience severe hardship, especially the underbanked who are more vulnerable.
As a company, Visa is working hard, along with our
partners including fintechs, Super Apps and Digital Banks, to support, inform
and protect our societies. We’re seeing how COVID-19 has radically changed how
we spend, send and use money. Enabling secure, immediate movement of money for
gig economy workers like Careem captains is especially vital as we support
economic recovery efforts.”
He added: “With the pandemic already reinforcing existing trends
towards increased digitization of payments, it is vital to introduce convenient
and secure cashless solutions to bring formal financial services to the
underbanked. Through our global payments network, VisaNet, we are helping
Careem’s Super App move into global commerce in a fast, secure, scalable and
innovative way by giving millions of captains and consumers more options to
manage and move their money in real-time. Our next generation fund transfer
solutions include earnings payouts, P2P transfers and cross-border remittances
that are integral to economic recovery.”
towards increased digitization of payments, it is vital to introduce convenient
and secure cashless solutions to bring formal financial services to the
underbanked. Through our global payments network, VisaNet, we are helping
Careem’s Super App move into global commerce in a fast, secure, scalable and
innovative way by giving millions of captains and consumers more options to
manage and move their money in real-time. Our next generation fund transfer
solutions include earnings payouts, P2P transfers and cross-border remittances
that are integral to economic recovery.”
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.
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.
