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.
As part of this collaboration, Careem Pay customers will need to provide only the account number of their recipient. The ‘Breeze’ feature automatically validates the account number and retrieves the recipient’s name for customer confirmation.
“Customers need to be reassured that they’re sending money to the right person, and Breeze, powered by iPiD will give them that reassurance,” said Mo El Saadi, VP of Careem Pay. “Careem Pay was launched to simplify payments experiences for customers, and we’re excited to streamline our remittance service even more to provide customers with simple, fast, and secure transactions.”
Damien Dugauquier, co-founder and CEO of iPiD, also added: “We believe that user experience and security are the two biggest differentiators for cross border transfers. Our collaboration with Careem Pay reflects our commitment to delivering innovative solutions in the digital payments space. Together, we strive to redefine the remittance experience for users.”
Initially launched for UAE customers with transfers to Pakistan, Careem Pay’s international remittance service has recently expanded to India. This expansion allows both customers and Captains to make instant transfers to one of the region’s largest remittance corridors.
In 2022, India received $90billion in remittances, with the UAE being its second-largest source. Given that the UAE is home to a significant population of Indian expatriates, with over 3.554 million residing and working in the country as of August 2023, this expansion is of great significance. Careem Pay plans to further extend this service to include transfers to other vital remittance corridors, including the Philippines and Egypt, in the upcoming months.
Since its launch, Careem Pay’s remittance service has maintained a healthy user retention rate of 77 per cent, with an average transaction time of 15 minutes. Notably, it has experienced remarkable month-over-month growth in remittances, with a 40 per cent increase.