Careem Pay, the financial services arm of the regional super app, is expanding its international money transfer capabilities by deepening its long-standing partnership with global payments platform Adyen. The move is set to scale Careem Pay’s digital remittance operations from the UAE to key corridors in Europe, the Middle East, and South Asia.
Quick Facts
- Extending an eight-year partnership with Adyen.
- Scaling digital remittance services from the UAE.
- Transfers currently available to over 35 countries.
Powering Cross-Border Payments with Unified Infrastructure
Building on an established relationship, Adyen will now supply the underlying payments infrastructure for all cross-border transfers made through the Careem app. This integration consolidates settlement and reporting into a single framework, a change designed to boost operational efficiency and transaction transparency for the remittance provider.
Careem Pay’s international transfer service operates in partnership with Lulu Exchange, which is licensed by the Central Bank of the UAE (CBUAE). By using Adyen’s platform, the company aims to optimize payment performance by increasing both conversion and authorization rates across its network.
Competing in a Crowded Digital Market
The collaboration comes as the UAE’s remittance market continues its significant shift from physical exchange houses to digital platforms. The market’s competitive nature is a key driver for technical improvements to maintain a strong user experience.
“As remittances in the UAE continue to shift from physical to digital channels, our single platform helps reduce operational complexity,” said Daumantas Grigaravicius, Head of Middle East at Adyen.
Mohammad El Saadi, Vice President of Careem Pay, highlighted the importance of reliability as the service grows.
“By deepening our partnership with Adyen, we are ensuring our remittance service stays fast and reliable as we expand globally,” El Saadi stated.
About Careem Pay
Careem Pay is the digital wallet and fintech arm within the Careem super app. It offers a range of financial services, including peer-to-peer transfers, bill payments, and international remittances, serving a diverse user base across the region, particularly expatriate communities that depend on cross-border payments.
Source: Fintech News Middle East
