Careem, the region’s leading multi-service app, joins forces in Egypt with PaySky, the leading financial technology and electronic payment solutions company in the Middle East and Africa, to introduce a faster payment solution for ride-hailing Captains by leveraging the power of PaySky’s digital payment platform “Yalla.”
“Yalla” is a comprehensive digital ecosystem introduced by PaySky in collaboration in Egypt with Egypt Post. It offers a diverse array of financial services such as money transfers, savings and investments, online and in-store payments, and non-financial services like ordering daily necessities, medicine, and availing discounts. Today, the “Yalla” Super App has surpassed 2 million downloads, issued over 1 million cards, processed more than 7 million transactions, and facilitated transactions worth over 7 billion EGP within the first 9 months of its launch.
By using digital payment technology, “Yalla” enables Careem Captains to access their earnings within minutes after a trip is completed. Prior to this, Careem Captains used to wait up to 24 hours to access their earnings from card-paid trips, which was also limited to working days. This led many Captains to prefer cash trips over card-paid ones, with only 20-25% of Careem’s trips currently paid for by cards.
“Yalla” will enable Careem Captains to conveniently access their earnings within minutes after initiating a transaction request on the Careem Captain app. By utilizing their pre-set payment method through the PaySky account on the Careem Captain app, Captains can effortlessly find their money on the “Yalla” Super App and utilize them for purchasing their daily essentials through the app itself. Alternatively, they can also withdraw money from any ATM worldwide by using the “Yalla” Card. This seamless integration ensures a swift and efficient process for Captains to access their earnings.
Wael Ibrahim, General Manager of Careem Egypt, commented, “Card payments are typically preferred by ride-hailing customers since they are more secure and convenient. But currently, only 20-25% of Careem’s trips are paid for by cards because Captains prefer to access cash within minutes. Our new fast payments solution is set to change this. We expect our card-paid trips to double thanks to our partnership with PaySky. This not only simplifies our Captain’s lives and enhances their earnings, but it also improves the ride experience for our customers by equating “card-paid” trips with cash ones.
Mohamed Shebl, Operations Director – Careem Egypt, commented, “Our Captains are the core of our business and we always search for new ways to simplify their lives. Most Captains in Careem choose cash payments due to their cash flow needs. Through our partnership with PaySky and Egypt Post, we have established a solution that simplifies the process for Careem Captains to receive their trip earnings within minutes after completing a trip. This is made possible by “Yalla”, which effectively addresses the challenge of delayed payments experienced in card-paid trips.”
Dr. Waleed Sadek, founder, and CEO of PaySky & Yalla Super App, expressed: “We are thrilled to partner with Careem to lead in providing smart transportation services. This step adds to the successes achieved by “Yalla” within a record period, and it is in line with the commitment of both entities to provide suitable digital financial solutions to offer easy and fast payment solutions for Careem Captains. The Yalla suite of solutions addresses the challenges and difficulties faced by businesses seeking solutions not readily available in the market and offers comprehensive solutions through the “Yalla” business platform and “Yalla” Card. PaySky is always keen to provide financial technology solutions through the diverse capabilities it possesses in the electronic payment domain and its diligent pursuit to share in realizing the country’s financial inclusion and digital transformation goals.”
Mr. Ramy Fathy, Chief Product Officer at PaySky & Yalla Super App emphasized the significance of the collaboration with Careem, “Our partnership with Careem to introduce instant payments is a game-changer for Careem Captains. Leveraging our cutting-edge technology, we provide a seamless and secure payment solution, enabling Captains to access their earnings immediately after completing a trip. This joint effort showcases our dedication to delivering innovative financial solutions and advancing digital financial services in Egypt and the region.
Careem launched in Egypt in 2016, commencing operations in Cairo before expanding to 15 other cities. To ensure the well-being of the Captains, Careem offers a comprehensive loyalty program that encompasses more than 20 partners across various essential sectors. These partnerships provide benefits such as health and car insurance, discounts on groceries, car maintenance services, microfinancing options, and roadside assistance, all specifically designed to cater to the needs of the Captains.