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The UAE-based Careem has entered India’s $42 billion remittance market and intends to expand to other countries.
The ride-hailing company’s fintech, Careem Pay, whose money transfer service was initially launched for UAE customers sending funds to Pakistan, has recently expanded to the South Asian state, according to a statement on Monday.
In the coming months, the company plans to expand the service to include transfers to other important remittance corridors, including the Philippines and Egypt.
Careem Pay has also partnered with technology provider iPiD to enhance its international remittance feature, enabling users to make instant money transfers by providing only the account number of the beneficiary.
India is one of the biggest recipients of money transfers from the region. As of 2022, the country received $90 billion in remittances, with UAE as its second-biggest source.
The UAE is home to the largest population of Indian expats, with around 3.6 million residing in the country as of August 2023.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
