Careem Pay has launched its remittance service to Egypt, allowing UAE residents to send money directly to Egyptian bank accounts. The service capitalizes on the extensive Egyptian expatriate population in the UAE, with an estimated $10 billion in remittances. Careem offers competitive transfer rates, which are significantly cheaper than traditional banks, and aims to streamline financial services in the region.
Careem Pay, the payment solution within the Careem application, has recently extended its remittance service to Egypt. This development allows residents of the UAE to send funds directly to Egyptian bank accounts. Given the significant Egyptian expatriate community in the UAE, Egypt ranks as one of the top five nations for remittances received from the UAE, with the market estimated at around $10 billion in recent years.
The Careem Pay platform supports money transfers to major remittance corridors globally, including India, Pakistan, the UK, Europe, and the Philippines. This service offers a straightforward method for individuals to support their families, manage their finances, and invest abroad.
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. In fact, we’re 50 percent cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds.” Careem Plus members enjoy guaranteed rates that are better than those available on Google.
The launch of this new remittance corridor coincides with Ramadan, a period marked by an increase in remittance transactions as individuals enhance financial support for their families in preparation for charitable activities and Eid celebrations.
Careem Pay aspires to simplify financial services in the region by providing a comprehensive payments platform, which includes seamless peer-to-peer and international transfers, bill payments, and various digital wallet functionalities. To initiate an international money transfer, users are advised to open the latest version of the Careem app and select ‘Send Money’ from the home screen.
Careem Pay’s expansion into the Egyptian remittance market represents a significant development for UAE residents, particularly for the Egyptian expatriate community. This service not only offers competitive rates and swift transfers but also aligns with the increased demand during Ramadan. The initiative reflects Careem’s commitment to enhancing financial services through a user-friendly platform, ultimately benefiting individuals supporting their families abroad.
Original Source: thefintechtimes.com
