Careem Pay expands UAE services with digital wallet
21 April 2022
Careem Pay has announced the launch of a new digital wallet that stores real money for customers across the UAE, as well as a new peer-to-peer (P2P) transfer product that allows users to send, request, and receive money using just a phone number, personal QR code, or personal payment link.
Speaking in a virtual press conference on Thursday, experts at Careem said that the new services are carefully designed to tackle issues that often arise with having to carry physical cash.
“In Dubai, we currently have 18 services on the Careem app, and each of these services simplifies people’s life in some way,” he said. “The Super App has gotten a lot of traction, and the bulk of our clients are using the new services on the Super App.” Multi-service consumers conduct three times the number of transactions per month as single-service users, and their monthly retention is at least 30% greater.”
He added that the goal of Careem Pay is to empower people by making their payment experiences and access to financial services as simple as possible. “Payments in our region aren’t easy — they’re fraught with snags.” For years, we’ve been providing secure payments to consumers, captains, and merchants, but there’s still a lot to be done to improve people’s experiences when using financial services online.”
The UAE Central Bank has approved the Careem Pay digital wallet and P2P transfer product, which is being launched in collaboration with First Abu Dhabi Bank and its payments solution partner Magnati. Careem has integrated a digital method for authenticating customer IDs, allowing them to open their digital wallets with only a few clicks from the comfort of their own homes. Money can be withdrawn from the Careem Pay digital wallet to any UAE bank account.
The digital wallet may be used to pay for products and services inside the Careem app, and it will soon be available for goods and services outside of the app. It complements Careem Pay’s other services, which include bill payment, bill splitting, and card payments both within and outside the app, including at third-party online retailers. Careem Pay just announced a new checkout feature that streamlines payments made outside of the Super App at online shops. Careem Pay will issue real and virtual Careem cards that can be used at ATMs and merchants, as well as foreign remittance solutions for both Customers and Captains, in the near future.
Customers can choose a recipient from their contact list or use the recipient’s phone number to send money using Careem Pay; there is no need to add the recipient’s IBAN or add them as a beneficiary. Customers can also request payments via the app or share their personal QR code or payment link to be paid. Customers can withdraw money from the Careem wallet to a UAE bank account by simply tapping the withdraw option in the app. All Careem Pay clients in the UAE can use the P2P transfer service, and it will be available in additional countries soon.
