Digital money transfer service firm WorldRemit has teamed up with JazzCash, a mobile financial service and digital money transfer service, to facilitate instant mobile remittances to Pakistan.
The service will charge no fee from the recipients but WorldRemit will receive a certain fee from the money sender.
According to an estimate, the service will be beneficial for more than nine million Pakistani expatriates currently living abroad.
WorldRemit director for global business development Bryce Currie said: “WorldRemit launched its money transfer service to Pakistan in 2015 and last year alone experienced tremendous growth, tripling its transaction volume in less than 12 months.
“By partnering with JazzCash, we are enabling instant international transfers from mobile to mobile with unprecedented speed, convenience and safety – now WorldRemit customers can send money with just a few taps on their smartphone to be received instantly into their beneficiary’s Mobile Money account.”
Jazz chief digital and financial services officer Aniqa Afzal Sandhu said: “Remittances play an important role in Pakistan’s economy – according the State Bank of Pakistan (SBP), expatriate Pakistanis remitted almost $20bn in 2015 -16.
“By on boarding WorldRemit, we shall be adding a significant degree of convenience and reliability to families who rely on financial support from abroad to run their households,” Sandhu added.
Headquartered in London, WorldRemit manages regional offices in the US, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.