January 27, 2020: Pakistan is the world’s 4th largest freelance market primarily due to mushrooming numbers in call centers, software houses, tech companies, and content freelancers, Forbes reported. The greatest challenge being faced by the sector is payment receipt with popular options such as Paypal absent from the market and traditional wire transfers taking ages to arrive.
Realizing the need for the market, JS Bank has launched the ‘Freelance Wallet’, a global payment product allowing freelancers to receive payments from more than 40 countries directly on their mobile numbers. This product was launched in alliance with Paysend, one of the fastest-growing international money transfer services under the State Bank of Pakistan’s initiative of Home Remittance Account (HRA).
Funds can now be sent directly to mobile numbers in Pakistan with the receiver receiving SMS intimation of the transfer. Funds can be withdrawn after verification from branchless banking agents, JS Bank branches or via ATM cards (for existing customers). This has greatly simplified the process for incoming freelancer remittances through the reduction of gray channels and improved safety and transparency.
Committed towards its role as a catalyst towards the progress and prosperity of Pakistan, JS Bank hopes to continue this journey of digitalization by providing a variety of innovative conventional and digital solutions in the years ahead.
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