Careem moves further into fintech

Image courtesy of Careem

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Careem now allows its users to recharge their mobile phone credit on its platform. The service is already available in Egypt, Pakistan and the UAE with Jordan to follow soon. 

The service marks a bigger step towards the company’s mission to become a “super app” and a player in the financial technology (fintech) space. Users can top up their phone credit on all the major telecoms networks in the countries listed above through the Careem PAY wallet. 

The UAE-based ride-hailing app entered the payments space with closed loop peer to peer transfers in November 2018 as part of its broader payment strategy. It hopes that payments capabilities will enable it to offer multiple products and services and be a host to third parties.

 “Careem’s payment offerings will be core to becoming the region’s every day super app. Our wallet is the most downloaded digital wallet in the market and we will continue to add more products and services that can be paid for through our platform,” said Junaid Iqbal, managing director of Careem Pay. 

“ With only 14 per cent of the region holding a bank account, there is a massive opportunity for us to serve this unaddressed audience and enable them to participate in digital finance. Providing the option to purchase mobile recharge credit is the beginning of many more ways in which we aim to simplify and improve our customers’ lives.”

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