Careem has partnered with Lulu Exchange to launch international remittances on Careem Pay, it said on Wednesday.
In the first phase, customers can transfer money from the UAE to Pakistan in minutes at competitive rates through the ‘Send Abroad’ tile on 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. Transfers exceeding Dh400 are free of charge.
Careem Pay combines front-end user experience with money transfer technology to connect customers with remittance services provided by licensed providers such as Lulu Exchange. In 2022, Careem acquired Denarii, a Dubai-based money transfer platform which integrates fintechs and financial institutions with global remittance aggregators, banks, exchanges, and wallets.
Lulu Exchange has developed an API-first model using the Digit 9 platform to provide remittance-as-a-service to its partners. Digit 9 is a SaaS provider, enabling financial institutions to offer their services to other financial institutions and fintechs.