Careem Expands Its Focus To Financial Services
Careem is shifting its focus from ride-hailing to financial services, in a move that will position the super app as a key fintech player in the Middle East and Pakistan market. After securing regulatory approval and a partnership with First Abu Dhabi Bank (UAE) and its payment solution partner Magnati, Careem can now offer a […]
Topics
Careem is shifting its focus from ride-hailing to financial services, in a move that will position the super app as a key fintech player in the Middle East and Pakistan market.
After securing regulatory approval and a partnership with First Abu Dhabi Bank (UAE) and its payment solution partner Magnati, Careem can now offer a wider range of financial services with its Careem Pay digital wallet, including bill payments and peer-to-peer (P2P) money transfer using a phone number, personal QR code or payment link, all with the ability to cash out.
The company will soon offer international remittances and card services to its customers and captains (or drivers) in the first phase of the rollout before offering micro-lending and insurance as well as online and offline payment acceptance solutions to the merchants on its platform.
“Payments in our region is not a simple experience, it’s full of friction” said Mudassir Sheikha, co-founder and CEO of Careem. “The opportunity for Careem Pay is enormous, Careem has a leading shot to become the leading digital financial services platform.”
The company has secured regulatory approvals in Pakistan to open up its wallet in the country, and plans to “follow a payment-led roadmap in each market”.
