Bangla Wednesday, February 26, 2020

Freelance Wallet: The newest money wiring forum

Pakistan has a large freelance market, where a majority of youngsters make money on the side all the while polishing their skills. In fact, Pakistan is the fourth global front runner largest in the freelance world due to the growth of call centers, software houses, technological companies and content freelancers in large numbers.

These freelancers usually work on assignment basis, where customers require their services and pay for them like products. People living in the same country can make easy bank transfers for payments, however, the freelance sector has been faced with a challenge regarding the receipt of payments from international clients through options like the Paypal, which do not exist in Pakistan.

To fill this gap in our local 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. This product was launched in collaboration with Paysend – a leading international money transfer service that is run under the State Bank of Pakistan’s initiative of Home Remittance Account (HRA).

Wiring money internationally has two major routes. Firstly, you can transfer money through your bank, however, major banks charge a heavy fee and do not offer a competitive exchange rate. But on the plus side, they transfer the cash in minutes. The second method of international cash navigation is through specialist money transfer companies, which take more time, but do the job on cheaper prices. Neither of these are even half as convenient as PayPal, which allows online money transfer safely. However, ‘Freelance Wallet’ will now bridge this gap in Pakistan.

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 After receiving the funds, the money could be withdrawn after a verification process from branchless banking agents, JS Bank branches or via ATM cards (for existing customers).

Such a transfer of funds through ‘Free Wallet’ guarantees safety and transparency. Hence, freelancers can now open a paperless accounts on their mobile numbers. 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.”