Careem and Visa sign landmark partnership to accelerate cashless payments and digital financial inclusion across Middle East and North Africa region - Press Release issued by Careem.

Karachi -- June 29, 2020 (PPI-OT)

Following is the text of press release issued by Careem

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Careem, the internet platform for the greater Middle East, and Visa (NYSE: V), the world's leader in digital payments, have partnered to expand digital financial inclusion across the Middle East and North Africa region by integrating Visa credentials into the Careem Pay Super App and providing Careem captains (the term for Careem drivers) with financial payment services that aim to resolve liquidity challenges associated with cash conversion, remittances and real-time access to funds.

Initially, Careem's captains in five countries will be issued with Visa card credentials that will allow them to access a variety of advanced payment solutions. The Careem Pay Super App will be equipped with Visa's real time push payment solution VisaDirect that allows fast, safe, convenient, and real-time payments directly to eligible cards, accounts and wallets. This will enable Careem captains to instantly access earnings from their daily trips in real-time as opposed to any time lags. Careem captains will also be able to use low-cost remittance solutions to make fund transfers to bank accounts and Visa cards worldwide, providing them access to cheaper modes of remitting money.

Junaid Iqbal, Managing Director, Careem Pay said: "The only way digital payments truly make a difference is when both sides of the market benefit. Through this partnership with Visa, Careem will be paying captains in real-time, bringing them into the digital marketplace and removing the need for cash.

Digital payments are the backbone of Careem's Super App, giving us immense opportunities to simplify the lives of even more people across the region. The partnership with Visa will not only solve cash flow constraints but will also provide many new use cases to improve the everyday lives of Careem customers."

This move aligns with increased adoption and preference for digital payments. Visa's latest Stay Secure survey shows that consumers in the Middle East, including Pakistan, prefer digital payments over cash because they find it more secure, faster, convenient and widely accepted. There is also a growing trend of contactless payment adoption, which now represent at least a third of all face-to-face...