KARACHI: International money transfer service WorldRemit and mobile financial service JazzCash announced on Wednesday their partnership for instant mobile remittances to Pakistan from over 50 countries.

In a press conference, Mobilink Assistant Man­ager for International Remittance Hamza Islam said JazzCash currently has 9 million mobile accounts. About 2m of these accounts are active, which means at least one transaction in last 30 days.

Mr Islam said instant remittances directly into mobile accounts have the potential to disrupt and digitise the remittance space in Pakistan.

The country received a little less than $20 billion in remittances in 2015-16 through formal channels. Remittances through informal channels amount to roughly $13bn every year, he added. JazzCash has set a target of $1bn for the first year of operation, Mr Islam said.

Receiving remittances in Pakistan is free of cost. JazzCash also offers 10pc additional amount on getting international remittances in mobile accounts with an upper cap of Rs1,500 per transaction.

The service can only be used to receive remittances in Pakistan, as the central bank imposes restrictions on remitting money abroad.

Speaking on the occasion, WorldRemit Global Business Development Director Bryce Currie said his company ensures people get “most competitive” exchange rates while remitting money from overseas.

International migrants send home about $600bn every year. Only 5pc market share rests with non-traditional players like WorldRemit, Mr Currie said.

Published in Dawn, February 23rd, 2017