Careem Expands Remittance Service to Egypt, Tapping Into $10 Billion Market

Careem Pay has launched its remittance service to Egypt, allowing UAE residents to send money directly to Egyptian bank accounts. This move supports the large Egyptian expatriate community in the UAE and taps into the $10 billion remittance market. The platform offers competitive rates and quick transfers, with special benefits for Careem Plus members, especially during Ramadan.

Careem Pay, the payments platform integrated within the Careem app, has recently expanded its remittance services to Egypt. This enables residents of the UAE to send funds directly to Egyptian bank accounts, catering to the significant Egyptian expatriate community in the UAE, which is among the top five recipients of remittances from the region. The remittance market from the UAE to Egypt has grown to approximately $10 billion in recent years.

The platform facilitates transfers to major remittance destinations worldwide, including India, Pakistan, the UK, Europe, and the Philippines, making it easier for users to manage finances, support families, and make investments abroad. This service simplifies the money transfer process and ensures that users experience quick and effective financial solutions.

Mohammad El Saadi, the 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.” He also noted that transfers can be near-instant, with some completed in just seconds. Careem Plus members receive guaranteed rates that are better than those available on Google, resulting in substantial savings.

The timing of this new corridor’s launch coincides with Ramadan, a period known for an increase in remittances as patrons enhance financial support for families during this charitable time and prepare for Eid celebrations. Careem Pay aims to further enhance financial service simplicity in the region, offering a comprehensive platform for P2P transfers, international remittances, bill payments, and a variety of digital wallet services.

To initiate an international money transfer, users can download or update to the latest version of the Careem app and select the ‘Send Money’ option featured on the home screen.

In summary, Careem Pay has expanded its remittance services to Egypt, providing a vital financial service to the UAE’s significant Egyptian expatriate population. With competitive rates and instant transfers, the service is poised to support families, especially with the approach of Ramadan. Careem Pay continues to simplify financial transactions and broaden its offerings to enhance user experience in the region.

Original Source: thefintechtimes.com