Ride-hailing platform, Careem partners with Visa financial payment services to its captains.
Ride-hailing platform, Careem has partnered with Visa to provide a variety of financial payment services to its drivers dubbed, “Captains”.
The services aim to tackle the challenges such as real-time access to funds, cash conversion, and remittances that captains encounter.
Currently, the services are being launched in the United Arab Emirates, Saudi Arabia, Egypt, Jordan, and Pakistan.
Careem captains in the five countries will now be issued with Visa card credentials, allowing them to access various payment solutions including real-time payment directly to eligible cards, accounts, and wallets as well as low-cost remittance solutions to transfer money to bank accounts and Visa cards worldwide.
Managing Director of Careem Pay, Junaid Iqbal 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,” Iqbal further stated.
On the other hand, Visa’s General Manager for MENA, Marcello Baricordi also said, “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 fintech, 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 added
Careem and Visa did not provide a timeline for the launch but rather revealed that they have plans to roll out the services across the rest of the region where Careem operates by affiliating with banks and regulators.