Mr. Mudassir Sheikha, CEO, and co-founder of Careem, and Mr. Ramana Kumar, Chief Executive Officer of Magnati during the agreement signing ceremony
First Abu Dhabi Bank’s (FAB) Magnati, a regional leader in the payment solutions industry, has partnered with Careem, the region’s leading multi-service platform, to launch new payment services on and beyond the Careem App.
Under this partnership, Magnati will help Careem to broaden the range of financial services offered by Careem Pay, Careem’s digital wallet and FinTech arm, using the APIs that form the basis of Magnati’s “Payment as a Platform” strategy.
Customers can store money in their Careem Pay digital wallet, which can be linked to their bank account to facilitate the transfer of funds from their e-wallet to their bank account. Customers can use their digital wallets to make peer-to-peer transfers, make utility bill payments and pay for goods and services through the Careem app.
Customers also have more access to the Careem Pay wallet by issuing physical and virtual Careem cards that can be used at ATMs and with merchants.
Powered by Magnati, the services will enable Careem users to make all their essential purchases, payments, and transfers through the Careem Pay digital wallet, providing an integrated digital experience where they can effortlessly manage their day-to-day financial lives.
Ramana Kumar CEO – Magnati
“Magnati’s partnership with Careem is rapidly accelerating our vision of transforming payments into possibilities for our customers. We have a strong platform and our API stack enables seamless integration and offers a range of services through a single integration. We are excited to work with Careem, the Middle East’s leading multi-service platform, to introduce their users to the future of payments. Through the development and application of cutting-edge payment innovations, Magnati is enabling better and safer ways for customers to transact.”
Meanwhile, Mr. Mudassir Sheikha, CEO, and co-founder of Careem commented that “This partnership with Magnati enables Careem Pay to launch new services that will make everyday purchases, payments, and transfers easier for Customers, Captains, and merchants. Payments are the glue that links our services together and we have been delivering secure transactions for years. We are excited to partner with leading financial institutions to expand our payments services and take them beyond the Careem app under the oversight of the UAE Central Bank.”
In the UAE, Careem Super App offers 11 services including ride-healing, food, grocery delivery, micro-mobility, payments, and partner services such as home cleaning and PCR testing. Careem’s new features are making great strides in offering customers a unified digital wallet service.
Magnati focuses on direct acquisitions, issuer processing, and processing acquisitions. The company provides an intelligent payments platform for Government, Merchant, and Institutional Clients that monetize data, using next-generation technology to deliver improved experiences and increased efficiency
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