ISLAMABAD – The State Bank of Pakistan (SBP) has launched Mobile Walletscheme with an easier registration process to accelerate the flow of homeremittances through banking channels and facilitate expatriates with areliable, swift and cost-effective conduit to transfer money to Pakistan.
Home remittance can now be received directly in M-wallets and there is norequirement to visit a bank branch, fill forms or stand in a queue toreceive the remittances, official sources in SBP said.
Under the scheme, banks in partnership with telcos have introduced new, ortag the existing, M-wallets for home remittances.link
linkSBP✔@StateBank_Paklinklink
#SBP link #Mobilelink Wallet Scheme – Safest andfastest way of receiving #remittanceslink at home. For details:link link #mwalletlink #branchlesslink #bankinglink10:04 PM – Jan 27, 2019link
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Users of these M-wallets would be able to receive home remittances in theiraccounts and use them when needed to withdraw cash or transfer funds, makepurchases or pay bills, the sources said adding that every US dollarequivalent of money received in these accounts will also be provided withan airtime of two rupees equivalent in their mobile phones.
These M-wallets can only be fed with home remittances and no local depositwould be allowed.
One account can keep a maximum balance of Rs1.5 million and there is alsorestriction on receiving home remittance on a daily basis as the accountholder would be able to withdraw cash up to Rs 50,000 per day and up to amaximum of Rs 500,000 in a month.
According to the sources, accounts can instantly be opened and activated ata bank branch or a branch less banking agent location with minimumdocumentation through biometric verification.
Already opened M-wallets (Branchless Banking Level 1 accounts) may also bedesignated as BB- HRA through an easy registration process.
On receiving home remittances in BB-HRAs, free airtime will be extended inthe SIMs registered against these accounts. For example, on receivingUS$100, the receiver will get free airtime of Rs. 200 on the registered SIM.
Additionally, the remittances received in M-wallets can be withdrawn frombranchless banking agent network throughout the country and the cash can bewithdrawn from an Autoteller Machines (ATM) by using ATM cards issuedagainst M-wallets.
Moreover, funds from M-wallets can be transferred to any other branch lessor conventional banking account for easy payments to friends, family oranyone and can also be used for payment of electric, gas, telephone andmobile phone bills or top ups.