Careem Pay has announced its partnership with Lean Technologies in order to optimise remittance funding opportunities in the region of the UAE.
Following this announcement, the collaboration is expected to modernise the manner in which users fund their remittance transfers across the UAE.
Through Lean’s Pay-by-Bank solution, Careem Pay customers will have the possibility to link their bank accounts directly to Careem Pay’s remittance service, which is provided in partnership with LuLu Exchange, in order to instantly fund their transfers. In addition, by eliminating manual steps and reducing funding costs, this integration gives users an even faster and more convenient way to complete international money transfers.
More information on the Careem Pay x Lean Technologies partnership
MENA’s remittance market is projected to reach USD 1 trillion by 2027, yet the process of funding these transfers has long relied on costly card payments. With high processing fees and failed high-value transactions driven by card scheme limitations, the overall industry is currently in need of a faster, more reliable alternative for customers sending money across borders.
According to the official press release, the collaboration marks an important step in the digitisation of financial services in the UAE. Through the process of replacing legacy processes with real-time payments infrastructure, Careem Pay and Lean will enable customers to move money faster, more reliably, and more securely, supporting the region’s broader initiative around financial inclusion, cashless growth, and economic development as outlined in the UAE’s Digital Economy Strategy.
For both companies, the collaboration will be centralised on the shared commitment to delivering optimised financial services that improve the experience of customers in today’s digital-first economy. At the same time, Careem Pay and Lean Technologies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
