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Careem partners with Visa to promote cashless payments

Careem partners with Visa to promote cashless payments
Careem will benefit from Visa's real-time push payment solution

UAE - Mubasher: Careem and Visa have inked a partnership agreement to boost cashless payments and digital financial inclusion across the Middle East and North Africa region, according to a press release on Sunday.

Under the partnership, Visa credentials will be integrated into Careem Pay Super App to offer Careem captains financial payment services, tackling liquidity challenges facing cash conversion, remittances, and real-time access to funds.

Therefore, Careem will benefit from the real-time push payment solution, Visa Direct, in Careem Pay Super App to pay its captains who will instantly have access to earnings from their daily trips.

In addition, the captains will use low-cost remittance solutions for fund transfers to bank accounts and Visa cards across the world.

Meanwhile, Visa and Careem will partner with licensed banks and regulators to expand this service across the region, including the UAE, Pakistan, Egypt, Jordan, and Saudi Arabia.

Commenting on the partnership, managing director of Careem Pay, Junaid Iqbal, said: "There is also a growing trend of contactless payment adoption, which now represents at least a third of all face-to-face transactions in nearly 50 countries, according to Visa data."

Visa’s general manager for MENA, Marcello Baricordi, referred: "We are 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."