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4 FinTech firms easing cross-border payments in the Middle East

By Gloria Methri

July 02, 2024

  • Careem Pay
  • Cross Border Payments
  • Fintech news
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FinTechs, Cross border payments, Fintech News, Fintech solutions, Payments Technology, Remittances, Careem Pay, Mamo Pay, PayMe, urpay, Middle East, UAE, Saudi Arabia, Qatar, KuwaitThe Middle East is experiencing a FinTech revolution, significantly transforming cross-border payments. According to the World Bank, remittances to the MENA region totalled $56 billion in 2022, reflecting the critical role of cross-border payments. FinTech companies are at the forefront of this transformation, leveraging technology to offer faster, cheaper, and more secure international transactions.

The rise of blockchain technology and AI-driven compliance solutions are also enhancing the efficiency and security of cross-border transactions. These companies are playing a crucial role in enhancing financial inclusion and supporting the growth of the digital economy in the region.

Let’s look at 4 FinTech companies improving cross-border payment experience in the Middle East:

Careem Pay, an offshoot of the popular ride-hailing service Careem, provides a digital wallet that facilitates peer-to-peer payments, bill payments, and international money transfers. Powered by Mastercard, Careem Pay is available in the UAE, Saudi Arabia, Egypt, Pakistan, Morocco, Jordan, and Lebanon. Its popular feature, Careem Pay Send Money lets users send money from the UAE to other countries using their added payment methods on the Careem app. This service is currently available from UAE to the UK, India and Pakistan, with more corridors opening soon.

Mamo is a financial services company headquartered in Dubai and regulated by the Dubai Financial Services Authority. Its flagship product, Mamo Business, helps businesses consolidate payment collection, corporate cards, and expense management into one intuitive platform. Mamo Pay, on the other hand, offers a digital wallet and payment platform that facilitates peer-to-peer transfers and merchant payments. It also supports cross-border transactions, enabling users to send and receive money internationally.

PayMe is a FinTech based in Egypt that offers a versatile payment platform designed to cater to the needs of both individuals and businesses. It provides a range of financial services, including peer-to-peer transfers, bill payments, and online shopping. PayMe also supports cross-border payments, allowing users to send and receive money internationally with ease and security. The platform is designed to enhance the convenience and efficiency of financial transactions, promoting greater financial inclusion and connectivity in the region.

urpay is a Saudi Arabian FinTech company offering a comprehensive digital wallet service. It provides users with a range of financial services, including money transfers, bill payments, and online shopping. urpay supports cross-border payments, enabling users to send and receive money internationally with ease. The platform aims to offer a seamless and secure payment experience, catering to both individual users and businesses in the Middle East.

Also read: Global Payments Vendors and Landscape Report Q2 2024

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