KARACHI: International money transfer
service WorldRemit and mobile financial service JazzCash announced on Wednesday
their partnership for instant mobile remittances to Pakistan from over 50
countries.
In a press conference, Mobilink Assistant Manager for
International Remittance Hamza Islam said JazzCash currently has 9 million
mobile accounts. About 2m of these accounts are active, which means at least
one transaction in last 30 days.
Mr Islam said instant remittances directly into mobile accounts
have the potential to disrupt and digitise the remittance space in Pakistan.
The country received a little less than $20 billion in
remittances in 2015-16 through formal channels. Remittances through informal
channels amount to roughly $13bn every year, he added. JazzCash has set a
target of $1bn for the first year of operation, Mr Islam said.
Receiving remittances in Pakistan is free of cost. JazzCash also
offers 10pc additional amount on getting international remittances in mobile
accounts with an upper cap of Rs1,500 per transaction.
The service can only be used to receive remittances in Pakistan,
as the central bank imposes restrictions on remitting money abroad.
Speaking on the occasion, WorldRemit Global Business Development
Director Bryce Currie said his company ensures people get “most competitive”
exchange rates while remitting money from overseas.
International migrants send home about $600bn every year. Only
5pc market share rests with non-traditional players like WorldRemit, Mr Currie
said.
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