Careem Pay launches its remittance service to Egypt, enabling fast, low-cost money transfers from the UAE. The service is 50% cheaper than banks, aiming to support the large Egyptian expat community, especially during Ramadan. Careem Pay facilitates various international transfers while ensuring competitive rates and efficient service.
Careem Pay has launched a remittance service enabling UAE residents to send money to bank accounts in Egypt efficiently and cost-effectively, with transfers being 50% cheaper than traditional banks. This expansion, which coincides with Ramadan, aims to cater to the financial needs of the large Egyptian expat community in the UAE. The overall remittance market from the UAE to Egypt is estimated at around USD 10 billion, making this corridor significant.
The service offers quick transfers to major remittance locations, including India, Pakistan, and the Philippines, allowing users to support families and manage finances abroad. By leveraging Careem Pay, users can ensure low fees and instant transaction processing, with some transfers completed in seconds.
Mohammad El Saadi, VP of Careem Pay, emphasized the importance of this service for Egyptian expats, highlighting that Careem Pay allows customers to save significantly with guaranteed rates better than those found on Google. The service’s launch is strategic, aligning with increased financial activities during Ramadan, a time known for elevated remittance levels due to charitable giving.
Careem Pay aims to simplify financial services by providing a versatile platform for peer-to-peer and international money transfers, bill payments, and digital wallet functionalities. To utilize this service, users need to download or update the Careem app and select ‘Send Money’ on the home screen.
Careem Pay’s expansion into the Egyptian remittance market provides a vital service for the UAE’s large Egyptian expat population, especially during Ramadan when remittance activities typically surge. With competitive rates significantly lower than banks and nearly instant processing times, Careem Pay stands to simplify financial transactions while allowing users to support loved ones back home efficiently.
Original Source: techafricanews.com
