Fintech
Careem Pay Expands Offerings in the Philippines to Simplify the Remittance Process
Since its inception in 2012, CareerThe “everything app,” has repeatedly outdone itself, expanding across the Middle East and Africa region to operate in over 10 countries and 70 cities. In its latest announcement, the digital wallet and fintech app platform, Careem Pay, has expanded its international remittance service to increase its accessibility to customers in the Philippines.
Pay Careem simplifies financial management for customers, captains, and business owners through a range of digital services, including bill payments and domestic and international transfers. Now, it will have a huge opportunity to help the Philippine remittance market as over 750,000 Filipino expatriates live in the UAE, representing seven percent of the UAE’s population. In 2023 alone, the Philippines received AED five billion ($1.35 billion) from the UAE according to Statesman.
UAE residents will now be able to send up to AED 45,000 per transaction and up to AED 135,000 per month to bank accounts in the Philippines using the recipient’s bank account number and sort code, or IBAN, at competitive exchange rates and speed. Within seven minutes, the money will be in the recipient’s bank. Customers receive exactly the amount of money shown on the app after taking into account any back-end fees imposed by banks in the Philippines.
Muhammad El SaadiVP of Careem Pay commented: “Remittances are a lifeline for millions of families in our region. It is essential that all expat communities have access to an easy and convenient way to send money home, whether to support their families or for personal investments.
“Careem Pay’s purpose is to simplify financial services and improve financial inclusion across the region, and we are thrilled to see our remittance services in India, Pakistan and the UK enabling so many customers to send money abroad with ease. We are excited to extend this vital service to another significant segment of the UAE population.”
Building on Success
The launch of near-instant transfers to Philippines is the latest addition to Careem’s remittance corridors that already include India, Pakistan and the UK. In 2024, one customer transferred AED 45,000 to a recipient in India in just 37 seconds. Another active customer transferred over AED 504,000 from the UAE to Pakistan via Careem Pay.
Finally, Careem Pay has introduced a new referral program for remittance users. New users who send money abroad via a referral link will receive 40 AED credited to their Careem Pay wallet as a result.