Ride-hailer Careem expands app services for peer-to-peer cash transactions

The plan is to bring the feature to Saudi Arabia, where talks are underway to gain regulatory clearance. This process is complete in Pakistan. “In all, we will introduce the digital wallet in five of the 13 markets in which we operate,” said Madiha Sattar, vice president of Careem Pay.

To receive the shell, the recipient must have downloaded a Careem application on the smartphone. Even if the sender and receiver are overseas, payments can be made. (A unique KYC detail must be entered.)

Recently, autonomous fintechs have been testing P2P services, especially for enterprises or SMEs. According to Madiha, the ubiquity of Careem apps could make them the benchmark for such instant payments. “One in three people have this app in the UAE, which ensures an ultra-seamless experience,” she said. “The features were developed in-house and the only third-party presence is on the vendor side, for example, on projection.

We believe that many users would prefer not to send these transfers through their bank accounts. There’s the hassle of having to register (the recipient’s) account and waiting up to 24 hours for the transaction.

– Madiha Sattar, Vice President of Careem Pay

Careem has added to its portfolio of in-app services beyond running. It now expands to 12 mini-services, including food and grocery shopping calls, for customers in Dubai. This is all part of the transition to a “super-app”, where the original service provided by the is overlaid by several others and serves the same usage base.

The digital wallet can be used to pay for goods and services on the app and “soon to be usable for goods and services beyond”. Careem Pay will soon issue physical and virtual Careem cards for use at ATMs and merchants, and introduce international money transfer solutions for customers and “captains” (Careem drivers).

P2P payments, in many ways, are more widely used by younger users. In the UAE, Careem believes a smooth experience would also entice an older population to get in on the act.

With 30% coverage of the UAE population, Careem’s P2P chances are well on the way.