In Pakistan, home remittances hold particular importance, serving as a crucial source of Receive International Payments for expatriates and bolstering the nation’s economic stability.
Recognizing the pivotal role of remittances in sustaining livelihoods and fostering economic growth, the State Bank of Pakistan (SBP) has introduced an innovative solution: the M-Wallet Scheme.
This pioneering initiative aims to revolutionize the process of remittance receipt and management, offering expatriates a seamless, efficient, and cost-effective means to transfer funds to their loved ones back home.
By leveraging technological advancements and strategic partnerships, the M-Wallet Scheme not only streamlines financial transactions but also empowers individuals with greater financial inclusion and accessibility.
In this article, we delve into the intricacies of SBP’s M-Wallet Scheme, exploring its potential to reshape the landscape of remittances in Pakistan and beyond.
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How To Receive International Payment In Pakistan (Via Jazzcash) [Students+Freelancers]
Table of Contents
- How To Receive International Payment In Pakistan (Via Jazzcash) [Students+Freelancers]
- Introducing JazzCash’s International Remittance Service
- Benefits of JazzCash International Remittance Service
- JazzCash’s International Payment Request Service
- Boosting Home Remittances with SBP’s M-Wallet Scheme
- Salient Features of SBP’s M-Wallet Scheme
- FAQs | International Payment
Introducing JazzCash’s International Remittance Service
Say goodbye to the complexities of international money transfers with JazzCash’s latest offering. Our International Remittance Service is designed to offer you a secure, dependable, and instantaneous way to receive funds.
With JazzCash, you can effortlessly receive money directly into your mobile account, eliminating the need for traditional banking channels.
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Benefits of JazzCash International Remittance Service
Benefits of JazzCash International Remittance Service:
- Secure and Reliable: Trust in JazzCash’s International Remittance Service for a secure and dependable way to receive money directly into your JazzCash Mobile Account in real-time.
- Instant and Convenient: Enjoy the convenience of instant remittance into your JazzCash Mobile Account. Use your balance for various services provided by JazzCash, such as money transfers, bill payments, mobile loads, online payments, or loan repayments.
- Ease of Cash Out: Cash out your remitted funds effortlessly from any of the 121,000 JazzCash agents located across Pakistan, without enduring long queues. Alternatively, use your ATM card for convenient withdrawals.
- Quick Registration: Not yet a JazzCash Mobile Account customer? No worries! Jazz/Warid customers can dial *786# from their biometrically verified Jazz/Warid number to instantly register. Customers from other networks can easily register by visiting the nearest Jazz Experience Center or Jazz Point.
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JazzCash’s International Payment Request Service
Introducing JazzCash’s International Payment Request Service, a convenient way for consumers to request payments from clients, loved ones, and more:
- Accessible Feature: Find the new International Payment Request Service within the “Add Money” section of the JazzCash consumer app, making it easily accessible for users.
- Global Reach: Users can request payments from individuals situated in over 40 countries through JazzCash’s partnership with WorldRemit, ensuring a broad global reach.
- Efficient Process: Upon sending a payment request, a unique request ID is generated, simplifying the process for both the requester and the sender.
- Secure Transactions: Senders can transfer money directly into the requestor’s JazzCash mobile account, ensuring secure transactions.
- Swift Transfer: Once authorized, the transfer typically takes a maximum of 24 hours to arrive in the requestor’s JazzCash account, ensuring swift access to funds.
List of Countries for Payment Receipt
Here are the details about the List of Countries for Payment Receipt:
- Burkina Faso
- Czech Republic
- Hong Kong
- Ivory Coast
- South Africa
- United Kingdom
- United States
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Boosting Home Remittances with SBP’s M-Wallet Scheme
- Importance of Home Remittances: Home remittances play a crucial role in supporting the families of expatriate Pakistanis and contribute significantly to the country’s economic activities.
- Introduction of M-Wallet Scheme: To enhance the flow of home remittances through formal banking channels and provide expatriates with a reliable, fast, and cost-effective means to transfer money to Pakistan, the State Bank of Pakistan (SBP) has initiated the M-Wallet Scheme.
- Branchless Banking Home Remittance Accounts (BB-HRA): SBP’s M-Wallet Scheme involves the establishment of Branchless Banking Home Remittance Accounts (BB-HRA), specifically designed to cater to home remittances.
- Partnership with Telcos: Banks collaborate with telecommunications companies to introduce new M-wallets or integrate existing ones for home remittances, ensuring widespread accessibility and convenience for users.
- Functionality of M-Wallets: Users of these M-wallets can receive home remittances directly into their accounts and utilize the funds as needed. They can withdraw cash, transfer funds, make purchases, or pay bills using their M-wallet accounts.
- Incentives for Users: As an incentive, for every US dollar equivalent received in these accounts, users will also receive airtime credit of two rupees equivalent in their mobile phones, further enhancing the value proposition of the M-Wallet Scheme.
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Salient Features of SBP’s M-Wallet Scheme
- Easy Account Opening: Instantly open or activate accounts at bank branches or branchless banking agent locations with minimal documentation through biometric verification.
- Free Airtime: Receive free airtime on SIMs registered against BB-HRAs upon receiving home remittances. For instance, receiving USD 100 will grant you free airtime worth Rs. 200 on the registered SIM.
- No More Queues: Home remittances can be received directly in M-wallets, eliminating the need to visit bank branches, fill out forms, or wait in queues to collect remittances.
- Cash Access: Withdraw remittances from the branchless banking agent network nationwide. Alternatively, use ATM cards issued against M-wallets to withdraw cash from ATMs.
- Funds Transfer: Transfer funds from M-wallets to any other branchless or conventional banking account, facilitating easy payments to friends, family, or anyone else.
- Utility Bill Payments: Utilize M-wallets for the payment of utility bills such as electricity, gas, telephone, and mobile phone bills, or for topping up mobile phone credits.
- Return on Account Balance: Banks will offer remuneration on the balance available in M-wallets according to their policies and guidelines.
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FAQs | International Payment
How can I open an account under the M-Wallet Scheme?
Accounts can be instantly opened/activated at a bank branch or a branchless banking agent location with minimum documentation through biometric verification. Existing M-wallets can also be designated as BB-HRA through an easy registration process.
What benefits do I receive upon receiving home remittances in BB-HRAs?
Upon receiving home remittances in BB-HRAs, free airtime will be extended in the SIMs registered against these accounts. For example, on receiving USD 100, you will receive free airtime of Rs. 200 on the registered SIM.
Do I still need to visit a bank branch to collect my remittances?
No, home remittances can now be received directly in M-wallets, eliminating the requirement to visit a bank branch, fill out forms, or stand in queues to receive your remittances.
How can I withdraw cash from my M-wallet?
Remittances received in M-wallets may be withdrawn from the branchless banking agent network throughout the country. You can also withdraw cash from an ATM by using ATM cards issued against M-wallets.
Can I transfer funds from my M-wallet to other accounts?
Yes, funds from M-wallets may be transferred to any other branchless or conventional banking account, facilitating easy payments to friends, family, or anyone.
What other services can I use my M-wallet for?
M-wallets can also be used for payment of electric, gas, telephone, and mobile phone bills, or top-ups.
Will I earn any returns on the balance available in my M-wallet?
Yes, banks will remunerate the balance available in M-wallets as per their policy and guidelines.
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