التكنولوجيا وأخبارها بوابة الإمارات لتكنولوجيا المعلومات والإتصالات
Careem and Visa sign landmark partnership to accelerate cashless payments and digital financial inclusion across Middle East and North Africa region
• Careem’s captains in 5 countries will have instant access to their daily trip earnings
• Solution aids in providing immediate and secure movement of money and remittances
• Visa push payment services will be available on the
Careem Pay Super App for Captains to make low-cost
money transfers
• Visa payment credentials will be integrated into the
Careem Pay Super App
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.
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.”
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.
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.”
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.”
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.
