KSE100 34021.97  ▲ Increased By 326.55 (0.97%)
KSE30 14855.65  ▲ Increased By 207.04 (1.41%)
BR100 3501.32  ▲ Increased By 47.91 (1.39%)
BR30 18440.14  ▲ Increased By 256.38 (1.41%)

Business Recorder Logo

Jun 01, 2020 PRINT EDITION
  • Wallet allows freelancers to receive payments from more than 40 countries directly on their cellphones.
  • The product has been launched in cooperation with Paysend that is run under the State Bank of Pakistan’s initiative of Home Remittance Account.
  • The transfer of funds through ‘Free Wallet’ guarantees safety and transparency.

(Karachi) Pakistan is counted amongst the fourth largest freelance markets round the globe due to the growth of call centers, software houses, technological companies and content freelancers in large numbers.

However, the freelance sector has been faced with a challenge regarding the receipt of payments through options like the Paypal, which does not exist in Pakistan.

The other means of money transfer through wires takes a long time creating problems and hardship for the recipients.

Realizing the need of the market, JS Bank has introduced ‘Freelance Wallet’, a global network of payments that allows freelancers to receive payments from more than 40 countries directly on their cellphones.

The product was launched in cooperation with Paysend, a leading international money transfer service that is run under the State Bank of Pakistan’s initiative of Home Remittance Account (HRA).

Through the service, the funds can be transferred directly into the recipient’s mobile number along with SMS intimation.

After receiving the funds, the money could be withdrawn after a verification process from branchless banking agents, JS Bank branches or via ATM cards (for existing customers).

The transfer of funds through ‘Free Wallet’ guarantees safety and transparency.

Freelancers can open a paperless account in less than a minute against the mobile number. For the purpose, they need to visit the nearest JCash agent and provide biometric verification.

JS Bank’s Country Head for Branchless Banking and Digital Implementation Noman Azhar said, “In line with the State Bank's strategy, we are working aggressively on increasing the value proposition in the International Remittance space.”

He added, “This is a game changing initiative and cements our position as a market leader.”