Careem Pay Expands Remittance Services to Egypt, Tapping into $10 Billion Market

Careem Pay has expanded its remittance services to Egypt, allowing UAE residents to send money directly to Egyptian bank accounts. The service caters to a large Egyptian expatriate community, with the remittance market valued at $10 billion. Careem Pay offers competitive rates and nearly instantaneous transfers, making it an attractive option for users, especially during Ramadan.

Careem Pay, the payments platform integrated within the Careem app, has broadened its remittance services to Egypt, enabling residents of the UAE to send money directly to Egyptian bank accounts. This is a significant addition given Egypt’s ranking as one of the top five beneficiaries of remittances from the UAE, which has a substantial Egyptian expatriate community. The overall remittance market from the UAE to Egypt has reached an impressive $10 billion in recent years.

The platform facilitates transfers to several leading remittance destinations globally, such as India, Pakistan, the UK, Europe, and the Philippines. This service allows users to swiftly support their families, manage their financial obligations, and invest abroad easily.

Mohammad El Saadi, Vice President of Careem Pay, stated, “Many Egyptian expats in the Emirates routinely send money home to support their families or manage their personal finances. We offer some of the best rates in the market, being 50 percent cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds. Careem Plus members are also guaranteed rates better than those seen on Google, enabling them to save significantly with each transfer.”

The launch of this new corridor aligns with Ramadan, a period notably characterized by increased remittances as expatriates provide financial support for family charity and the approaching Eid festivities. Careem Pay aims to enhance financial service delivery in the region with its comprehensive payments platform, providing seamless person-to-person (P2P) and international transfer options, as well as bill payment services and digital wallet functionalities.

To utilize the international money transfer service via Careem Pay, users need only to download or update to the latest Careem app version and select ‘Send Money’ on the home screen.

The expansion of Careem Pay’s remittance service to Egypt signifies a strategic move to cater to the considerable Egyptian expatriate community in the UAE. With a remittance market valued at $10 billion, Careem Pay offers competitive rates and swift transfer capabilities. Additionally, launching the service in conjunction with Ramadan highlights the platform’s commitment to supporting expatriates in aiding their families during this critical time. Ultimately, Careem Pay’s enhancements aim to simplify financial operations in the region.

Original Source: thefintechtimes.com

About Carmen Mendez

Carmen Mendez is an engaging editor and political journalist with extensive experience. After completing her degree in journalism at Yale University, she worked her way up through the ranks at various major news organizations, holding positions from staff writer to editor. Carmen is skilled at uncovering the nuances of complex political scenarios and is an advocate for transparent journalism.

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