Careem Pay — Reshaping the Future of Digital Payments

With over 12 services in the UAE, Careem is well on its way to becoming the region’s ‘Everything App’

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Top Stories

Published: Fri 31 May 2024, 11:38 AM

CAREEM needs no introduction. The homegrown super app has been a staple across the Mena region for over a decade, with tens of millions relying on it for transportation, food and grocery delivery, micromobility, and more. With over 12 services in the UAE, Careem is well on its way to becoming the region’s ‘Everything App’.

And while millions of customers make daily transactions through Careem — some aren’t aware of the impressive suite of fintech and payments services available to them through ‘Careem Pay’. From bill payments, to domestic and international transfers, customers can manage most of their financial needs directly through Careem Pay.


QUICK, EASY & 50% CHEAPER THAN BANKS

Careem Pay launched its peer-to-peer money transfer service in 2022 under the authorisation of the UAE Central Bank, allowing customers to send, request, and receive money using a phone number, personal QR code, or personal payment link without needing an IBAN or account number.


The feature proved to be so popular among customers that Careem decided to take it a step further, and expanded the scope of the service to international transfers by partnering with licensed remittance providers like Lulu Exchange.

Through Careem Pay, customers and Captains can make direct transfers to some of the largest remittance corridors in the region, including Pakistan, India, and the UK. The service has since been adopted by expats across the UAE, with one customer sending over Dh334,000 to Pakistan in 2023. The fastest remittance transfer was just 16 seconds, for a transfer from the UAE to India. And with competitive foreign exchange rates that are 50 per cent cheaper than banks, customers can transfer up to Dh45,000 in a single transaction and up to Dh135,000 monthly.

Careem Pay plans to expand the service to include other important remittance corridors in the near future.

"Careem Pay was built with one goal in mind: to simplify and increase access to financial services for people across the region,” said Mohammad El Saadi, Vice-President of Careem Pay. “We’re thrilled to see our remittance services to Pakistan and India enable so many of our customers and Captains in the UAE to send money back home within minutes, and we’re excited to have recently extended the service to another significant segment of the UAE population with near-instant money transfers to the UK. Our remittance service is particularly helpful for anyone who makes consistent transfers to Pakistan, India, and the UK, be it to support families back home, make mortgage payments or contribute to other personal investments.”

Bill Payments Made Easy

Careem customers can also use the cards they have saved on the Careem app or the balance in their Careem Pay wallets to manage and settle their bills, including their phone, TV, and internet bills from etisalat and du, as well as electricity and water bills from SEWA, EWA, and ADDC, and gas bills from Sergas and Lootah. Salik balances and nol cards can be topped up when needed or automatically recharged when an account drops below a certain amount, this feature has proven incredibly popular among customers, with one in four enabling it for Salik on the app.

Customers can manage their monthly bills in one secure place, removing the friction of downloading several apps or adding card details to multiple websites. With hundreds of thousands of users linking their postpaid and prepaid bills to Careem Pay, it's obvious that Careem Pay has become the platform of choice for easy financial transactions.

Over $50 million in bill payments and top-ups have flowed through Careem Pay. Remarkably, one in three users have used the bills and recharge platform to settle more than one bill every month, showcasing the platform's role in users' regular financial activities.

The service has become incredibly popular, with one customer spending over Dh217,000 on bills through Careem Pay in 2023 (that’s over Dh18,000 in bills per month!)

“Our bills and recharge platform has been designed to make paying bills a delightful experience rather than a tedious task, and to ensure no one ever misses a payment”, said Mohammad El Saadi.

“Careem Pay’s purpose is to empower people by simplifying their payment experiences, so we’re excited to bring the UAE’s most essential bills together all in one place for a much simpler and faster experience."

At the core of Careem Pay's ethos is its commitment to simplicity. Customers seamlessly leverage the card information already stored on the app for a number of financial activities. Holding and transferring money, paying bills, making and accepting payments — the versatility of Careem Pay extends both within and beyond the Careem app.

So what are you waiting for? Try out Careem Pay for yourself, and thank us later.



More news from Business Technology Review