Fintech
4 FinTech Companies Facilitating Cross-Border Payments in the Middle East
By Gloria Methri
Today
- Pay Careem
- Cross-border payments
- Fintech News
The Middle East is experiencing a FinTech revolution, which is significantly transforming cross-border payments. According to the World Bank, remittances in the MENA region totaled $56 billion in 2022, reflecting the critical role of cross-border payments. FinTech companies are at the forefront of this transformation, leveraging technology to offer faster, cheaper and more secure international transactions.
The rise of blockchain technology and AI-based compliance solutions is also improving the efficiency and security of cross-border transactions. These companies are playing a crucial role in improving financial inclusion and supporting the growth of digital economy in the area.
Let’s take a look at 4 FinTech companies that are improving the cross-border payment experience in the Middle East:
Careem Pay, an offshoot of the popular ride-hailing service Careem, provides a digital wallet that facilitates peer-to-peer payments, bill payments, and international money transfers. Powered by Mastercard, Careem Pay is available in the UAE, Saudi Arabia, Egypt, Pakistan, Morocco, Jordan, and Lebanon. Its popular feature, Careem Pay Send Money, allows users to send money from the UAE to other countries using their added payment methods on the Careem app. This service is currently available from the UAE to the UK, India, and Pakistan, with more corridors opening soon.
Mamo is a financial services company based in Dubai and regulated by the Dubai Financial Services Authority. Its flagship product, Mamo Business, helps businesses consolidate payment collection, corporate cards, and expense management into one intuitive platform. Mamo Pay, on the other hand, offers a digital wallet and payment platform that facilitates peer-to-peer transfers and merchant payments. It also supports cross-border transactions, allowing users to send and receive money internationally.
PayMe is an Egypt-based FinTech that offers a versatile payment platform designed to meet the needs of both individuals and businesses. It provides a range of financial services, including peer-to-peer transfers, bill payments, and online shopping. PayMe also supports cross-border payments, allowing users to send and receive money internationally with ease and security. The platform is designed to improve the convenience and efficiency of financial transactions, promoting greater financial inclusion and connectivity in the region.
urpay is a Saudi FinTech company that offers a full-service digital wallet. It provides users with a range of financial services, including money transfers, bill payments, and online shopping. urpay supports cross-border payments, allowing users to send and receive money internationally with ease. The platform aims to provide a seamless and secure payment experience, catering to both individual users and businesses in the Middle East.
Read also: Global Payments Landscape and Vendor Report Q1 2024