According to Forbes, Pakistan is the world’s 4th largest freelance market primarily due to mushrooming numbers in call centers, software houses, tech companies, and content freelancers. 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 of the market, JS Bank
has launched ‘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 direct 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be withdrawn after verification from branchless banking agents, JS Bank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 reduction of gray
channels and improved safety and transparency. Freelancers can open a
completely paperless account in less than a minute against their Mobile number.
All they need to do is to visit nearest JCash Agent and provide Biometric
Noman Azhar, Country Head Branchless Banking & Digital Implementation at JS Bank said:
In line with the State Bank’s strategy, we are working aggressively on increasing the value proposition in the International Remittance space. JS Bank has provided freelancers with a practical digital platform to the to ease the fund receipt process without any extra cost. This is a game changing initiative and cements our position as a market leader.
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.