Careem Pay Expands to Egypt, Enhancing UAE Remittances for Ramadan
Careem Pay has launched a remittance service for UAE residents to send money to Egypt instantly and at low costs, especially beneficial during Ramadan. The service claims to be 50% cheaper than traditional banks. Careem aims to enhance financial support among the large Egyptian expat community in the UAE, which sends around USD 10 billion to Egypt annually.
Careem Pay has recently expanded its remittance service to Egypt, enabling UAE residents to make instant and low-cost money transfers directly to Egyptian bank accounts. This service is particularly beneficial during Ramadan, addressing the financial needs that arise during this festive period. The transfers offered by Careem Pay are reported to be 50% more affordable than traditional bank services, enhancing the financial support Egyptian expats can provide to their families.
This payments platform, part of the Careem app, facilitates transactions to significant remittance corridors including India, Pakistan, the UK, Europe, and the Philippines. As Egypt ranks among the top five recipients of remittances from the UAE, the total remittance market from this region to Egypt is estimated to be around USD 10 billion, reflecting the considerable need for efficient financial services in this demographic.
Mohammad El Saadi, VP of Careem Pay, expressed enthusiasm over adding this important service: “We offer some of the best rates in the market – in fact, we’re 50% cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds.” Additionally, Careem Plus members enjoy exclusive rates that often surpass those available through typical market searches, allowing for substantial savings on each transfer.
With the launch aligning with the increased transfer demands typically seen during Ramadan, Careem Pay aims to enhance the accessibility and simplicity of its services. The platform’s mission focuses on improving financial transactions within the region through a comprehensive solution that includes P2P and international money transfers, bill payments, and various digital wallet services. Users can initiate a transfer by navigating to the ‘Send Money’ feature on the updated Careem app.
In conclusion, Careem Pay’s expansion into the Egyptian market represents a significant development in the remittance landscape, particularly for the numerous Egyptian expatriates in the UAE. By providing fast, affordable, and convenient transfer options, Careem Pay enables individuals to support their families effectively, especially during culturally significant times such as Ramadan. This approach not only enhances user experience but also solidifies Careem Pay’s commitment to simplifying financial services in the region.
Original Source: techafricanews.com
