UAE-born super app Careem has launched a digital wallet that stores money, enabling users in the UAE to request and transfer funds from peer to peer. Money from the Careem Pay digital wallet can be withdrawn to any UAE bank account.
The digital wallet can also be used to pay for goods and services on the Careem app and will soon be usable for goods and services beyond the Careem app, a statement from the company said. It adds to the other products available through Careem Pay, which include paying bills, splitting bills, and making card payments both on and beyond the app – including at third-party online merchants.
“Through our new digital wallet and P2P transfer product, we are helping people overcome many of the hassles they face with everyday payments,” said Mudassir Sheikha, CEO and co-founder of Careem.
Careem Pay will soon issue physical and virtual Careem cards that can be used at ATMs and at merchants, and introduce international remittance solutions for both customers and captains, a statement from the company said.
“Our Customers in the UAE can also use our super-simple bill payments service and pay with Careem Pay at selected online merchants. These products are the first step towards realising our vision of simplifying financial services across the region as we expand Careem Pay into more markets,” said Madiha Sattar, vice president of Careem Pay.
The new wallet was launched in partnership with First Abu Dhabi Bank and its payments solutions partner Magnati.
Earlier this month, Careem launched a car rental service through the app in partnership with UAE-based Swapp. Launched as a ride-hailing app, Careem has evolved to offer multiple services, including grocery, food, and flower delivery, as well as the ability to rent a bike, schedule home cleaning or vaccination, and send money to peers. Careem, which was home grown in Dubai, was acquired by Uber in 2020 for $3.1 billion.
