Careem entered the payments space with a closed loop peer-to-peer transfers in November 2018 as part of a broader, ambitious payment strategy. The Careem PAY wallet is the most downloaded wallet in the Middle East region and one in three rides booked by Careem customers are paid for via the Careem PAY wallet.
As Careem moves towards its super app strategy, payments capabilities will be a critical enabler to offering multiple products and services and being host to third partie[d1] s. With only 14% of the MENA population banked, Careem is pursuing the digital payments opportunity of addressing this gap with a digital wallet and in the future, financial services.
Managing Director of Careem PAY, Junaid Iqbal said: *“Careem’s payment offerings will be core to becoming the region’s every day super app. Our wallet is the most downloaded digital wallet in the market and we will continue to add more products and services that can be paid for through our platform. With only 14% of the region holding a bank account, there is a massive opportunity for us to serve this unaddressed audience and enable them to participate in digital finance. Providing the option to purchase mobile recharge credit is the beginning of many more ways in which we aim to simplify and improve our customers’ lives.”*