Careem partners with Visa to give its drivers instant access to earnings – The National

Careem partners with Visa to give its drivers instant access to earnings – The National

A cashless payment service will be rolled out in the UAE, then extended to Saudi Arabia, Egypt, Jordan and Pakistan over the next 12 months

Dubai-based ride-hailing company Careem teamed up with Visa to offer its drivers real-time access to their daily trip earnings to ease liquidity, facilitate remittances and improve financial inclusion.

The cashless payments service will be rolled out in the next quarter in the UAE, followed by Saudi Arabia, Egypt, Jordan and Pakistan, Junaid Iqbal, managing director of Careem Pay, told reporters on a video conference on Sunday.

The partnership will allow Careem's drivers, or captains, to receive their money instantly and digitally, reducing "friction" in the payments system, Mr Iqbal said during the virtual press conference.

The multi-year agreement with Visa will reduce the time lag in paying drivers that currently ranges from hours to days, depending on the market. The delay happens when consumers make cash-free payments, the company collects the funds and then disperses income to its drivers, many of whom are underbanked.

The drivers will receive Visa credentials on the Careem Super App, giving them access to their funds immediately, Otto Williams, vice president and head of strategic partnerships, FinTechs and ventures at Visa, said.

This not only eases