The Middle East is experiencing a FinTech revolution, significantly transforming cross-border payments. According to the World Bank, transactions across the MENA region totaled $56 billion in 2022, highlighting the critical role of cross-border payments. FinTech companies are at the front of this transformation, leveraging technology to offer faster, cheaper, and more secure international transactions. The rise of blockchain technology and AI-driven compliance solutions is enhancing the efficiency and security of cross-border transactions. These companies are playing a crucial role in allowing financial inclusion while supporting the growth of the digital economy in the region.
3 Middle East Fintech Companies Improving The Cross-Border Payment Experience
Let’s look at three FinTech companies improving the cross-border payment experience in the Middle East:
Careem Pay
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 Pay
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.
urpay
urpay is a Saudi Arabian FinTech company offering a comprehensive digital wallet service. It provides users with a different types of financial services, such as 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 provide an easy and secure payment experience, catering to both individual users and businesses in the Middle East.
These companies are leading the way in simplifying cross-border payments across the Middle East, making financial transactions more easy to use, efficient, and secure for everyone.
Takeaway
In summary, the Middle East is witnessing a significant transformation in cross-border payments, driven by innovative FinTech companies. With the rise of digital wallets and advanced payment platforms, services like Careem Pay, Mamo Pay, and urpay are enhancing the ease and security of international transactions. These companies are not only streamlining financial processes but also promoting financial inclusion, ultimately contributing to the rise of the digital economy in the region.
FAQS
What is the role of FinTech companies in cross-border payments?
FinTech companies streamline and simplify cross-border payments by leveraging technology to offer faster, cheaper, and more secure transactions.
How do digital wallets enhance cross-border payments?
Digital wallets facilitate easy peer-to-peer transfers, bill payments, and international money transfers, making transactions more accessible for users.
What are some examples of companies simplifying cross-border payments in the Middle East?
Examples include Careem Pay, Mamo Pay, PayMe, and urpay, each offering unique services for international transactions.
How much did remittances to the MENA region total in 2022?
Remittances to the MENA region totaled $56 billion in 2022, underscoring the importance of cross-border payments.
What technologies are enhancing cross-border payment efficiency?
Technologies such as blockchain and AI-driven compliance solutions are improving the efficiency and security of cross-border transactions.
Can users send money internationally using these platforms?
Yes, platforms like Careem Pay and Mamo Pay can.
Why is financial inclusion important in the context of cross-border payments?
Financial inclusion ensures that more people have access to financial services.
