Careem Pay has launched its remittance service in Egypt, catering to UAE residents wishing to send money home. This service responds to a large Egyptian expat community, contributing to a $10 billion remittance market. Careem Pay emphasizes competitive rates—50% cheaper than banks—with transfers that can occur almost instantly. This expansion coincides with Ramadan to meet increased remittance demand during this time.
Careem has expanded its remittance service in Egypt, allowing residents of the UAE to send money directly to bank accounts in Egypt. This initiative caters to a significant Egyptian expat community in the UAE, which has positioned Egypt among the top five nations receiving remittances, valued at around $10 billion in recent years.
Careem Pay facilitates money transfers to major remittance markets, including India, Pakistan, the UK, Europe, and the Philippines. The service provides easy access for users to support their families, manage finances, or invest, streamlining the process with quick and efficient transfers.
According to Mohammad El Saadi, VP of Careem Pay, “Many Egyptian expats in the Emirates routinely send money home to support their families or manage their personal finances.” Careem Pay boasts competitive rates, offering transfers at rates 50% lower than banks, with transfers often completing in mere seconds.
The launch of this new remit corridor coincides with Ramadan, a peak time for remittances as people tend to provide additional financial support during this season for charitable giving and Eid celebrations.
Careem Pay aims to simplify financial services across the region, offering a consolidated payments platform for P2P transfers, international transactions, bill payment, and digital wallet functionalities. To utilize this service, users can download or update the Careem app and select the ‘Send Money’ option on the home screen.
The expansion of Careem Pay’s remittance services to Egypt represents a strategic move to enhance financial connectivity for the Egyptian diaspora in the UAE. With cost-effective rates, near-instant transfers, and a comprehensive service platform, Careem Pay is poised to significantly simplify the remittance experience, especially during peak periods like Ramadan.
Original Source: thefintechtimes.com
