Transfast, a provider of cross-border payments solutions, has partnered with nine banks in Pakistan and launched its mobile and online funds transfer service to the country.
The service allows customers to make fund transfers via mobile or online to recipients’ accounts at all major banks in the country within minutes.
The nine banks affiliated with Transfast are Allied Bank, Askari Bank, Bank of Punjab, Habib Bank, Meezan Bank, Muslim Commercial Bank, National Bank of Pakistan, Tameer Bank and United Bank.
The company said that its multichannel capabilities will allow customers in the US and Canada to send money to Pakistan via their mobile device or online, or in person across the world.
Transfast network development director Bob Blower said: "Transfast’s extensive bank partnerships enable customers to send instant transfers to 99 percent of banked customers in Pakistan."
Pakistan has become seventh largest remittance receiving country in the world, attracting about $17bn in 2014, a World Bank report said. Remittance play vital role in Pakistan’s economy, covering substantial parts of the country’s import bill. About 13% of the country’s population has a bank account.