Careem has introduced peer-to-peer (P2P) prepaid credit transfers across all its markets.

The closed-loop feature enables users to instantly transfer Careem prepaid credits on the app's mobile wallet to other users of the ride-hailing app. It is a similar service to mobile credit transfer popular across the Middle East and North Africa (Mena).

In a part of the world where many still prefer to pay via cash for products and services, this is a form of mobile payment that provides quick access to funds on Careem’s platform.

“With only one in six people in our region having access to a bank account, Careem has a key role to play in addressing this gap,” said Ali Sattar, head of CareemPay. “From the early days of operation we have realised the opportunity to offer digital payments.”

According to Sattar, one in three Careem rides are paid for via the app’s wallet. The UAE-based company now operates in more than 120 cites across 15 countries.

Wamda Capital has invested in Careem.