WorldRemit partners with JazzCash for international money transfers to Pakistan
Over nine million Pakistani expatriates currently live abroad.
The service has been launched here and is expected to spread throughout the country soon. This is very easy, safe and least expensive source for transferring remittances, JazzCash and WorldRemitt representatives told a group of reporters here on Wednesday.
By partnering with JazzCash, we are eradicating several days of waiting for a money transfer to arrive. Now, WorldRemit customers could send money with just a few taps on their smartphone to be collected as mobile money by the beneficiary on the same day. The cash could be get also from ATMs.
Each transaction would be require biometrics verification. Thus, the company would be capable to catch fraudulent transactions, he said.
Aniqa Afzal Sandhu, Chief Digital and Financial Services Officer of Jazz added that remittances played an important role in Pakistan's economy.
According State Bank of Pakistan (SBP), expatriate Pakistanis remitted almost dollars twenty billion in 2015-16.
By onboarding WorldRemit, we would be adding a significant degree of convenience and reliability to families who relied on financial support from abroad to run their households, she said.
The decision to partner with JazzCash followed WorldRemit data identifying Pakistanis rapidly switching from the old expensive method of transferring cash at an agent location to using safer and faster digital money transfer methods.
She said this joint venture entity would focus on building network of mobile cash transactions in the country. For this purpose, she continued, a large scale aggressive campaign to create awareness among the people; especially the rural population who are out of conventional banking system. Various tools would be used for this awareness, she said.
She said the solution brought forward by JazzCash and WorldRemitt was fast, secure and reliable for transfer cash within and from outside the country.
"For the timebeing, we are only receiving remittances. We can't send money out of the country in the prevailing circumstances," she remarked adding that for outflow remittances we would have to get another license from State Bank of Pakistan.
She informed that for outward remittances, SBP had issued licenses to commercial banks only.
For using this facility, one would have to be registered on website and get open one's account without any cash deposit or other documentation but only biometrics verification of the Computerized National Identity Card (CNICs).
She said up to Rs 50,000 cash could be withdrawn under this facility.