Careem to offer financial services in cash-based mode in the Middle East via Careem Pay

Careem pay
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Featured image details: Mudassir Sheikha, Founder & CEO of Careem; Credits: Arabian Business

UAE and MENA’s ride-hailing unicorn Careem which was acquired by Uber back in January is reportedly aiming to tap into the financial services sector.

The Founder & CEO of Careem, Mudassir Sheikha has mentioned that the company has actually raised a benefit of the lack of credit card penetration in the Middle East by allowing a diverse set of payment options to other businesses.

In an interview with CNN, Sheikha told that Careem’s 90 percent of all daily transactions are in cash, and only 2 percent of the $1.8 trillion in consumer spending is spent online.

Talking about the absolute ground of Careem Pay, Sheikha said…

“However, we’ve been able to overcome some of the shortage, or…lack of payment options, and the frustrations that we have had, and are now packaging this up into something that we can offer other businesses,”

Sharing more details about Careem Pay, Sheikha added…

“In the form of a super app that we have built, we allow other businesses in the region to leverage the payment capability that we have built, and [are] able to convert cash, collected by our drivers in the region, into additional payments that can be used for purchases online, on digital platforms,”

“That is the first step of what we’re doing with Careem Pay.”

As also mentioned on Careem Pay website “You can use your credit to pay for rides, to buy vouchers, or exchange them for points with our loyalty partners.”

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