Careem Pay has launched its remittance service to Egypt, enabling UAE residents to send money directly to Egyptian bank accounts. This service is beneficial for the large Egyptian expatriate community in the UAE, allowing for cost-effective transfers. Careem Pay is committed to providing quick and affordable remittance solutions, particularly during high-demand periods like Ramadan.
Careem Pay, the payments platform integrated within the Careem app, has now extended its remittance service to Egypt, allowing residents of the UAE to remit funds directly to Egyptian bank accounts. This service is particularly impactful given the significant number of Egyptian expatriates residing in the UAE, as Egypt ranks among the top five nations benefitting from UAE remittances, totaling approximately $10 billion in recent years.
The expansion of Careem Pay facilitates transfers to key remittance destinations worldwide, such as India, Pakistan, the UK, Europe, and the Philippines. This innovation provides an efficient and straightforward means for individuals to support their families, manage financial obligations, or 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 are also guaranteed rates better than those seen on Google, allowing them to save hundreds with each transfer.”
This timely launch coincides with Ramadan, a peak season for remittances as individuals enhance their financial contributions for family support and charitable initiatives linked to the festival. Careem Pay aims to streamline financial services in the region through a robust platform that offers efficient peer-to-peer (P2P) and international transfers, along with bill payments and additional digital wallet capabilities.
To utilize Careem Pay for international money transfers, users are encouraged to download or update to the latest version of the Careem app and select the ‘Send Money’ feature on the homepage.
The recent expansion of Careem Pay into the Egyptian remittance market underscores the platform’s commitment to facilitating financial transactions for expatriates. By offering competitive rates and near-instant transfers, Careem Pay not only provides valuable support to individuals managing their finances remotely but also addresses the heightened financial needs during Ramadan. This initiative is poised to enhance the ease of remittances between the UAE and Egypt, ultimately benefiting thousands of families.
Original Source: thefintechtimes.com
