Careem Pay partners with Lulu Exchange to launch digital remittance from UAE to Pakistan - Press Release issued by Careem.

Karachi -- January 12, 2023 (PPI-OT)

Following is the text of press release issued by Careem

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Careem has partnered with Lulu Exchange, one of UAE's largest licensed remittance providers, to launch international remittances on Careem Pay, enabling customers and Captains to send money abroad.

In the first phase, customers can seamlessly transfer money from the UAE to Pakistan in minutes at competitive rates through the 'Send Abroad' tile on the Careem app. Funds are sent directly to a recipients' foreign bank account whether they are Careem or non-Careem customers. The process is fully digital with electronic KYC completed in seconds, making it possible to send money overseas in just a few taps. Transfers exceeding AED 400 are free of charge.

The UAE is the second largest source of remittance globally, with nearly $50 billion sent abroad in 2021. Over 1.7 million Pakistani expats live and work in the UAE and the country has become one of the largest sources of remittance to Pakistan, with $452.5 million transferred to Pakistan in November 2022 alone. Careem plans to expand the service to include transfer to the Philippines, Egypt, and India in the coming months.

Adeeb Ahamed, Managing Director of LuLu Financial Group, said, "As consumer-facing organizations, both Careem and LuLu Exchange share a common philosophy to make people's lives easier using technology. Being a trusted name in cross-border payments, we are happy to integrate our fully compliant remittance-as-a-service platform with Careem Pay and contribute towards the rapid adoption of digital payments among the people of UAE."

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Careem Pay combines a seamless front-end user experience with money transfer technology to connect customers and Captains with remittance services provided by licensed providers such as Lulu Exchange. In 2022 Careem acquired Denarii, a Dubai-based money transfer platform which integrates...