Careem Pay, the financial services arm of the Careem app, has introduced a new remittance service that enables residents of the United Arab Emirates (UAE) to send funds directly to bank accounts in Egypt. This move aims to provide a faster, more cost-effective alternative to traditional banking methods for the large Egyptian expatriate community in the UAE.
Egypt is one of the top five destinations for remittances from the UAE, with an estimated $10 billion sent annually. Careem Pay’s new service is expected to streamline these financial transactions, offering a more efficient means for expatriates to support their families and manage their personal finances.
Mohammad El Saadi, Vice President of Careem Pay, emphasized the service’s competitive rates, which are 50% more affordable than traditional banks. He also highlighted the speed of transactions, with some transfers being completed in just seconds. Careem Plus members enjoy even better rates, potentially saving users significant amounts with each transaction.
The timing of the launch is particularly strategic, coinciding with the start of Ramadan, a time when remittance activity typically increases as people send financial support to their families in preparation for charitable acts and Eid celebrations. Careem Pay aims to meet this demand for fast, reliable money transfer services during the holy month.
The expansion of Careem Pay’s service to Egypt is part of a broader strategy to simplify financial services in the region. The platform already supports money transfers to major remittance corridors, including India, Pakistan, the United Kingdom, Europe, and the Philippines. Adding Egypt reinforces Careem Pay’s commitment to addressing the financial needs of diverse expatriate communities in the UAE.
Users can access the new service by downloading or updating to the latest version of the Careem app and selecting the ‘Send Money’ option from the home screen. The process is designed to be simple and user-friendly, allowing customers to complete transactions with just a few taps on their smartphones.
Careem Pay’s entry into the remittance space challenges traditional banking channels, which often involve higher fees and slower processing times. By prioritizing affordability and speed, Careem Pay is reshaping the remittance landscape in the UAE, offering a competitive and efficient alternative.
This launch also aligns with the UAE’s vision to enhance digital financial services and promote financial inclusion. By offering convenient and affordable remittance options, platforms like Careem Pay contribute to the broader goals of creating a cashless economy and advancing the digitization of financial transactions.
The move to expand into financial services reflects a growing trend among fintech companies to diversify their offerings beyond traditional sectors such as ride-hailing and delivery. By integrating financial services into their platforms, these companies aim to create comprehensive ecosystems that cater to various aspects of users’ daily lives, from transportation to financial management.
