Simplifying payment experiences through Careem Pay

We all face moments when we need to transfer cash. Whether you’re paying your personal trainer, settling a bill with a tradesman who is fixing something at your home, or requesting money from a friend whose lunch you paid for, going to an ATM to take out cash is a hassle. Getting the right change back is also a hassle, and cashing a check is a throwback to the 20th century.?

So most of us rely on digital money transfer services to solve this challenge. The problem is that they also involve massive friction, from obtaining a beneficiary’s IBAN to not having sufficient visibility on the transfer and not knowing what to do if funds unfortunately do not get to the other end.?

This is what Careem Pay is looking to solve. We are thrilled to introduce a digital wallet that stores real money for our customers in the UAE. We have launched it in partnership with First Abu Dhabi Bank and its payments solution partner Magnati, and with the authorisation of the UAE Central Bank. Money stored in the Careem Pay wallet can now be withdrawn to any UAE bank account or can be used to pay for goods and services on the Careem app. It will soon also be usable for goods and services beyond the Careem app.?

On top of the digital wallet, we are also launching the UAE’s simplest way to transfer money. In line with Careem’s purpose to simplify the lives of people, our new peer-to-peer (P2P) transfer product enables customers to send, request and receive money using just a phone number, personal QR code, or personal payment link. There is no need for IBANs or waiting to see if a new beneficiary has been registered. Because of Careem’s existing customer base, sending to or receiving money from others can take as little as 5 seconds.??

So what’s next for Careem Pay? We will continue to bring products to market that will simplify payment experiences for our ecosystem of customers, captains and merchant partners. Many of our customers across the region are under-banked, and most of our captains and merchant partners are small businesses who have limited means to support their businesses and families. Through innovative payment solutions, we hope to simplify their lives and make them even more productive participants in our regional economy.?

We are excited to play our part in the region’s next evolution in financial services, and look forward to working with established players and emerging fintechs to simplify people’s payment experiences in the region.?

Visit Careem Pay to find out more about our new P2P transfer product: https://www.careem.com/en-ae/careem-pay/