Careem Expands Remittance Services to Egypt, Tapping into $10 Billion Market
Careem Pay has expanded its services to allow UAE residents to send money directly to Egyptian bank accounts. With Egypt being a major recipient of UAE remittances, valued at $10 billion, Careem Pay offers competitive rates, with transfers completing in seconds, especially significant during Ramadan when remittances rise.
Careem Pay, the payment platform integrated within the Careem app, has augmented its remittance services by enabling residents of the UAE to send money directly to bank accounts in Egypt. This expansion is significant as Egypt ranks among the top five nations receiving remittances from the UAE, which has a substantial Egyptian expatriate community. Over recent years, the remittance market from the UAE to Egypt has ballooned to approximately $10 billion.
The platform is renowned for facilitating transfers to major remittance destinations including India, Pakistan, Europe, the UK, and the Philippines. Careem Pay provides a straightforward mechanism for users to assist families, manage financial matters, or invest overseas.
Mohammad El Saadi, Vice President of Careem Pay, articulated the convenience offered by their service. He noted, “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, being 50 percent cheaper than banks, and transfers are often completed in mere seconds. Careem Plus members benefit from rates superior to those found on Google, yielding significant savings.”
This enhancement occurs strategically before Ramadan, a period characterized by increased remittance activities as families provide additional financial support for charitable actions and Eid celebrations. Careem Pay envisions simplifying financial services in the region with an all-encompassing platform that includes peer-to-peer and international transfers, bill payments, and various digital wallet functionalities. Initiating a money transfer through Careem Pay involves downloading or opening the latest version of the Careem app and selecting ‘Send Money’ on the homepage.
In summary, Careem Pay has expanded its remittance services to facilitate direct money transfers from the UAE to Egypt. This move addresses the needs of the significant Egyptian expatriate community and leverages a market potentially worth $10 billion. With competitive rates and rapid transfer times, Careem aims to increase the accessibility of financial services in the region, particularly during periods of heightened remittance activity like Ramadan.
Original Source: thefintechtimes.com
