Transfast Launches Mobile Payment Service to Pakistan

Abu DhabiTransfast launches mobile payment service to Pakistan, now with a tap on your mobile you can transfer money to Pakistan to your family and loved ones. With this service from Transfast, money transfer is just a tap away and you can make instant payments to Pakistan. Transfast provides mobile payments services in several countries across the world.

All you have to do is just to install a mobile app, this app will use your debit card/credit card and will transfer money to a bank account in Pakistan. Transfast has setup its network for money transaction in Pakistan with the help of nine local banks operating in Pakistan. The banks included in the list are

  • Muslim Commercial Bank
  • Habib Bank Ltd
  • United Bank Ltd
  • Meezan Bank
  • Allied Bank
  • National Bank of Pakistan
  • Tameer Bank
  • Bank of Punjab
  • Askari Bank

At the launch ceremony of Transfast’s mobile payment service to Pakistan, Pakistan’s ambassador to the UAE, Asif Ali Durrani, said: [pull_quote_center]”1.3 million expatriates in the country remitted $3.2 billion last year. However, the potential to boost remittances is huge and it is estimated that it can be doubled in coming years, with innovative products offered to those who work in places away from city centres.”  [/pull_quote_center]

Besides this, Transfast has also clinched with Telenor (Telecommunication Company) which also provides money transfer facility called as easy paisa with in Pakistan through 3000 cash pick up locations all over Pakistan. Now people who don’t have access to banks can also avail this service through Telenor’s easy paisa service.

Roshan Polepalli, vice president of eCommerce at Transfast said: [pull_quote_center]”With $17.1 billion money transfers, Pakistan is seventh largest market globally. The global money transfers market which grew six per cent to $582 billion in 2014. However, Pakistan showed strong growth of 16 per cent year-on-year.”[/pull_quote_center]

The cost of one time transaction through mobile is $ 4.99 approximately PKR 515. This is a very competitive rate as compared to other money transfer services along with the ease of transferring money within minutes.

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