BAFL 53.19 Increased By ▲ 3.16 (6.32%)
BIPL 22.90 Increased By ▲ 0.49 (2.19%)
BOP 5.67 Increased By ▲ 0.25 (4.61%)
CNERGY 5.12 Increased By ▲ 0.07 (1.39%)
DFML 19.35 Increased By ▲ 0.17 (0.89%)
DGKC 80.54 Increased By ▲ 0.39 (0.49%)
FABL 33.11 Increased By ▲ 0.26 (0.79%)
FCCL 20.25 No Change ▼ 0.00 (0%)
FFL 10.48 Increased By ▲ 0.83 (8.6%)
GGL 13.61 Increased By ▲ 0.01 (0.07%)
HBL 129.52 Increased By ▲ 8.18 (6.74%)
HUBC 123.38 Increased By ▲ 0.88 (0.72%)
HUMNL 8.04 Increased By ▲ 0.04 (0.5%)
KEL 4.43 Increased By ▲ 0.46 (11.59%)
LOTCHEM 28.01 Decreased By ▼ -0.07 (-0.25%)
MLCF 42.71 Increased By ▲ 0.51 (1.21%)
OGDC 125.38 Increased By ▲ 4.05 (3.34%)
PAEL 21.33 Increased By ▲ 1.10 (5.44%)
PIBTL 6.11 Increased By ▲ 0.31 (5.34%)
PIOC 118.47 Increased By ▲ 2.57 (2.22%)
PPL 113.85 Increased By ▲ 3.10 (2.8%)
PRL 31.80 Increased By ▲ 2.22 (7.51%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 69.44 Increased By ▲ 0.41 (0.59%)
SSGC 13.76 Increased By ▲ 0.06 (0.44%)
TELE 9.16 Increased By ▲ 0.41 (4.69%)
TPLP 14.79 Increased By ▲ 0.12 (0.82%)
TRG 92.45 Increased By ▲ 1.15 (1.26%)
UNITY 27.47 Increased By ▲ 0.22 (0.81%)
WTL 1.67 Increased By ▲ 0.04 (2.45%)
BR100 6,815 Increased By 167.1 (2.51%)
BR30 24,245 Increased By 677 (2.87%)
KSE100 66,224 Increased By 1505.6 (2.33%)
KSE30 22,123 Increased By 529.1 (2.45%)

Karachi: The State Bank of Pakistan (SBP) has granted Careem Pay with an In-Principle-Approval (IPA) for an Electronic Money Institution (EMI) license. Careem has launched Careem Pay, its fintech affiliate, in Pakistan as an independent entity which plans to invest $50 million to leapfrog the fintech ecosystem in Pakistan. It will be led by NomanKhurshid as its General Manager.

This paves the way for Careem Pay to bring convenient and accessible financial services to 9+ million Customers, 800,000 Captains and 3000+ merchants both on and beyond the Careem App, subject to SBP final approval.

Once Careem Pay achieves operational readiness from SBP, it will offer services ranging from bill payments including utilities, government and education fees, peer-to-peer (P2P) transfer and wallet cash-outs. In subsequent phases and subject to approvals from SBP, Careem Pay aims to provide cards, inward international remittance services as well as services that will enable Customers and merchants to make and accept online or offline payments.

This adds to the existing services available through Careem Pay which supports payment across all Careem services including ride-hailing and food delivery, as well as P2P credit transfer and mobile top-ups within the app.

On this development Mudassir Sheikha, CEO and Co-founder of Careem said that Careem Pay aims to simplify and improve lives by making everyday payments easier and more accessible for our Customers, Captains and merchants. “We are thankful to the SBP for trusting us with an IPA for the EMI license which gives us an immense opportunity to empower people by delivering innovative payment experiences,” he added.

Noman Kurshid GM Pakistan, Careem Pay said Careem is uniquely positioned to tap into the digital financial opportunity in Pakistan. “With a massive Customer, Captain and merchant base across the country, conducting high frequency transactions on our platform, we understand the pain points and are well placed to deliver solutions to address them,” he added.

Pakistan is bracing itself for a fintech revolution as the fifth most populous country in the world. Safe digital payment providers will be crucial to reducing Pakistan’s high levels of cash circulation which amounts to Rs 7 trillion and 85 percent cash-on-delivery via e-commerce.

Copyright Business Recorder, 2022


Comments are closed.

SBP grants Careem Pay IPA for EMI licence

Govt seeks to cure Sino-Pak trade imbalance

Independent directors’ selection: SECP directs cos to exercise due diligence

700.7MW hydel power project: Chinese co urges PPIB to grant extension in financial close

Yemen rebels threaten Israel-bound Red Sea ships

SIFC panel for single authority to manage all SEZs

IMF scheduled to consider first review of $3bn SBA on Jan 11

North Korea condemns US veto of Gaza ceasefire call at UN

Police force needs to improve its image: PM

China, Saudi to expand trade and investment cooperation

Gaza ceasefire: UN’s failure to adopt resolution disappoints Pakistan