Digital wallet and fintech platform Careem Pay has launched instant transfers to Europe and businesses payments to clients and users in the region of India. Following this announcement, Careem Pay introduced a new remittance feature that was developed to enable direct transfers to businesses abroad, starting with India.

At the same time, clients will have the possibility to transfer up to approximately USD 40.000 (AED 150.000) per transaction, and USD 122.000 (AED 450.000) monthly, to receivers in the region of Spain, Italy, France, Ireland, and Germany. In addition, the company will continue to focus on meeting the needs, preferences, and demands of users and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on Careem Pay’s product launch With the launch of these five European regions, Careem Pay will offer clients a convenient and safe way to support their families and manage their investments and finance from abroad.

Through a Single Euro Payments Area (SEPA) instant bank transfer, customers will be allowed to send funds directly to any valid IBAN within the five European corridors. According to officials of the company, more European corridors will launch in the coming months. Careem Pay also introduced a remittance feature that will enable direct transfers from the UAE to businesses abroad, starting with the region of India.

Users will have the possibility to send money to cover expenses like paying for real estate, booking events, or school and university fees. In addition, with transactions landing in minutes and offering competitive rates, Careem Pay’s busiess remittances will provide an efficient, secure, and cost-effective service for UAE residences within financial commitments abroad. Source: Link .