Careem introduces instant credit transfers

One in three rides on Careem are currently paid for using Careem wallet
Careem introduces instant credit transfers
The prepaid credit can only be used to pay for Careem rides and cannot be redeemed for cash.
By Bernd Debusmann Jr
Wed 28 Nov 2018 12:13 PM

Ride-hailing app Careem has introduced peer-to-peer (P2P), closed loop, prepaid credit transfer services in all its markets following successful pilots in Egypt and Saudi Arabia, it was announced on Wednesday.

The P2P feature gives customers the ability to instantly transfer Careem prepaid credit through their wallet on the app to other customers, such as family members of friends who may need credit for a Careem ride.

The prepaid credit can only be used to pay for Careem rides and cannot be redeemed for cash.

“From the early days of operations we have realised the opportunity to offer digital payments including P2P to our customers,” said Ali Sattar, head of CareemPay. “With Careem Wallet now the most downloaded wallet of its kind in the region and with one-in-three rides currently being paid for via the wallet, customers are already highly-engaged and ready for more ways to use this core feature.”

Sattar added that “P2P marks our first step in offering a broad set of payment solutions and is a key enabler to realising our ambition of becoming the leading, regional Internet platform.”

According to data from Allied Market Research, the global mobile payments market is expected to reach $4.57 trillion by 2023.

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