Page 100 - AAE PR REPORT - January 2025

Anthony Jos of JoyalukkasSupplied

UAE’s currency exchange houses still have significant traffic – whether it’s walk-in customers or
corporate clients. Plus, there’s the increased business generated through tourists. What would
work best in the currency business is a hybrid model of online and brick-and-mortar store, as these
give customers an ease of mind while doing online transactions as well ~ Antony Jos of Joyalukkas
Exchange

“When some of the biggest digital competitors are offering zero or low transaction fees, brick-and-
mortar exchange outlets cannot ignore that,” said an industry source. “Within 2-3 years, a
significant portion of UAE’s remittances to other markets will be through digital channels.

“Legacy FX players need to be part of the conversation when that happens.”

In its new offer, Careem Pay is allowing first-time users to ‘enjoy rates that are better than the
Google rate for international transfers to India and Pakistan’.

“Careem Pay facilitates near-instant transfers from the UAE to India, Pakistan, the Philippines, the
UK, Europe, and Lebanon, with more to come,” said a statement. “Customers can send up to
Dh450,000 a month and Dh150,000 per transaction through Careem Pay. Transfers are often
completed in a matter of minutes - with the fastest transfer in 2024 facilitated in just 11 seconds.”

https://gulfnews.com/business/markets/on-remittances-uae-consumers-get-zero-fixed-fees-
salary-advances-even-more-1.500025439