Careem Pay has expanded its remittance service to Egypt, allowing UAE residents to send money directly to bank accounts. The service capitalizes on a $10 billion market, offering competitive rates and quick transfers, especially relevant as Ramadan approaches. Mohammad El Saadi highlights affordability and speed, particularly for Careem Plus members. Careem aims to enhance financial services in the region through improved P2P and international transfer options.
Careem Pay has launched its remittance service in Egypt, allowing UAE residents to send money directly to bank accounts in the country. This initiative comes in response to the considerable remittance market from the UAE to Egypt, which has reached approximately $10 billion and reflects the significant Egyptian expatriate population in the UAE.
The Careem Pay platform is designed to facilitate international money transfers to major global corridors, including those to India, Pakistan, the UK, Europe, and the Philippines. This service aims to assist users in supporting families, managing finances, or embarking on investment ventures abroad.
Mohammad El Saadi, Vice President of Careem Pay, emphasized the affordable rates offered by the service, stating that they are “50 percent cheaper than banks” and can complete transfers almost instantly. Additionally, Careem Plus members receive rates that are better than those available on Google, allowing them to save significantly on their transactions.
The introduction of this remittance corridor coincides with the month of Ramadan, during which remittance activity typically peaks as individuals provide additional financial support for family obligations and charitable contributions for Eid celebrations. Careem Pay aims to enhance its service offering in the region by providing a comprehensive payments platform, including P2P transfers, bill payments, and various digital wallet functionalities.
In summary, Careem’s expansion of its remittance service to Egypt represents a strategic move to tap into the burgeoning $10 billion remittance market driven by the large Egyptian expatriate community in the UAE. By offering competitive rates and fast transactions, Careem Pay is positioning itself as a leading solution for financial transfers within the region, especially during key periods such as Ramadan.
Original Source: thefintechtimes.com
