Careem Pay partners with Lulu Exchange to launch digital Remittance

Careem Pay partners with Lulu Exchange to launch digital Remittance

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.

Mudassir Sheikha, CEO and Co-founder of Careem, commented:“We’re delighted to partner with one of UAE’s largest licensed remittance providers to introduce the simplest remittance service from the UAE to Pakistan to the Careem app. Over a million and a half Pakistanis live in the UAE, including thousands of hard working Careem Captains. We’re excited to really simplify and improve their experience when sending money home to support their families.”