Careem Pay launches digital wallet for money transfers, withdrawals in UAE

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Careem Pay, the financial services arm of Middle Eastern ride-sharing app Careem, launched a digital wallet that can store real money and enable customers to make transfers to others in the United Arab Emirates, the company said in a statement on Thursday.

The new peer-to-peer (P2P) transfer product allows customers to send, request and receive money through the app by just using a phone number, personal QR code, or personal payment link, and money from the digital wallet can also be withdrawn to any UAE bank account, similar to US application Venmo.

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“We have been delivering secure payments for customers, captains, and merchants for years, but there is still a huge opportunity to improve the experience that people face when using financial services online,” said Careem CEO and co-founder Mudassir Sheikha.

Launched in a partnership with First Abu Dhabi Bank (FAB) and its payment solution partner Magnati, the new system has been authorized by the country’s Central Bank.

“Through our new digital wallet and P2P transfer product, we are helping people overcome many of the hassles they face with everyday payments. 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 realizing our vision of simplifying financial services across the region as we expand Careem Pay into more markets,” said Careem Pay’s Vice President Madiha Sattar.

The payment system is only available in the UAE for now, but the company said that it will be introduced in other countries soon.

The multi-service app enables users to order a taxi, make deliveries, buy groceries, order food, and much more.

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