Transfast, a leading provider of cross-border payments solutions, launched mobile and online money transfer to nine banks in Pakistan. From the convenience of a mobile device or desktop, customers can easily send transfers to recipients’ accounts at all major banks in Pakistan, delivered within minutes.
The launch will be celebrated at a luncheon, with representatives of nine leading banks and Pakistan’s Ambassador H.E. Asif Durrani.
Transfast’s nine partner banks in Pakistan include: Allied Bank Limited; Askari Bank; Bank of Punjab; Habib Bank Ltd.; Meezan Bank; Muslim Commercial Bank; National Bank of Pakistan; Tameer Bank; and United Bank Limited.
Transfast’s multichannel capabilities will enable customers in the U.S. and Canada to send money to Pakistan via their mobile device or online, or in person around the world. Funds will be available instantly, 24/7, 365 days a year, including bank holidays.
“Transfast’s extensive bank partnerships enable customers to send instant transfers to 99 percent of banked customers in Pakistan,” says Bob Blower, Transfast’s Director of Network Development.
According to the World Bank, Pakistan attracted about $17 billion in remittances in 2014, making it the seventh-largest remittance market in the world. The World Bank also notes that remittances provide cover for substantial parts of the import bill for Pakistan, making it a vital part of the nation’s economy. In Pakistan, 13 percent of the population has a bank account, according to the World Bank.