Careem, a multi-service app in the Middle East and North Africa (MENA) region, has partnered with iPiD, a technology provider, to enhance the international remittance feature of Careem Pay. The collaboration will streamline the process of international remittance, allowing Careem Pay customers to provide only the account number of their recipient. The ‘Breeze’ feature will then automatically validate the account number and retrieve the recipient’s name for customer confirmation. This partnership aims to provide reassurance to customers that they are sending money to the correct person and further simplify the remittance service.
Careem Pay’s international remittance service was initially launched for UAE customers, specifically for transfers to Pakistan. However, it has recently expanded to include transfers to India, one of the region’s largest remittance corridors. This expansion is significant given that India received $90 billion in remittances from the UAE in 2022, making the UAE its second-largest source of remittances. Careem Pay plans to expand its international remittance service to include transfers to other vital remittance corridors in the upcoming months, such as the Philippines and Egypt.
Since its launch, Careem Pay’s remittance service has maintained a healthy user retention rate of 77% and experienced a 40% month-over-month growth in remittances. The average transaction time for remittance on the platform is 15 minutes.
This partnership with iPiD reflects Careem Pay’s commitment to delivering innovative solutions in the digital payments space and redefining the remittance experience for users. By streamlining the international remittance process, Careem Pay aims to provide customers with simple, fast, and secure transactions.
