Careem Pay Enhances UAE to Egypt Remittances with Instant Services

Careem Pay has launched a remittance service from the UAE to Egypt, offering instant, cost-effective transfers that are 50% cheaper than banks. This service caters to the large population of Egyptian expatriates, particularly during Ramadan, a peak time for remittance activity. Users can initiate transfers through the Careem app.

Careem Pay, the payment service within the Careem application, has expanded its remittance services to Egypt, enabling residents of the UAE to send money directly to bank accounts in Egypt quickly and at lower costs. With transfers being approximately 50% cheaper than traditional banks, this service becomes particularly advantageous during Ramadan when financial needs increase.

The new remittance service taps into significant remittance corridors, notably those towards regions like India, Pakistan, and Europe, enhancing the ability of users to transfer funds efficiently. The remittance market from the UAE to Egypt is substantial, with estimates indicating a flow of around USD 10 billion, underscoring Egypt’s position as a leading recipient of such funds.

Mohammad El Saadi, VP of Careem Pay, expressed enthusiasm over this launch, stating that many Egyptian expatriates rely on this service to support their families. He emphasized that Careem Pay offers highly competitive rates, allowing Careem Plus members to enjoy even better rates than those found on Google. Transfers can be completed nearly instantaneously, with some finished in mere seconds.

This initiative also coincides perfectly with Ramadan, a time when remittance activity typically surges due to increased financial support for families and preparations for Eid celebrations. Careem Pay aims to streamline financial services, offering a user-friendly platform that supports peer-to-peer transfers, bill payments, and various digital wallet functions.

To utilize this service, users simply need to download or access the latest version of the Careem app, where they can select ‘Send Money’ on the home screen to initiate an international transfer.

In summary, Careem Pay’s expansion into the Egyptian remittance market reflects its commitment to providing efficient and cost-effective financial services for UAE residents. This service caters especially to the large Egyptian expatriate community, enabling them to support their families conveniently and affordably. With the added benefit of quick transfers during a peak remittance period like Ramadan, Careem Pay positions itself as a leader in the financial technology landscape.

Original Source: techafricanews.com

About Allegra Nguyen

Allegra Nguyen is an accomplished journalist with over a decade of experience reporting for leading news outlets. She began her career covering local politics and quickly expanded her expertise to international affairs. Allegra has a keen eye for investigative reporting and has received numerous accolades for her dedication to uncovering the truth. With a master's degree in Journalism from Columbia University, she blends rigorous research with compelling storytelling to engage her audience.

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