8.6 C
New York
Wednesday, May 31, 2023
Home News New freelancer wallet in Pakistan! All by PaySend and JS Bank co-op

New freelancer wallet in Pakistan! All by PaySend and JS Bank co-op

Pakistan is amongst the fourth largest freelance markets around the globe due to the growth of call centers, software houses, technological companies and content freelancers in large numbers. Freelance worker revenues saw a 47% increase between August 2018 and August 2019 according to a report by financial services company Payoneer. 

However, the freelance sector has been faced with a challenge regarding the receipt of payments through options like the Paypal, which does not exist in Pakistan. The other means of money transfer through wires takes a long time creating problems and hardship for the recipients.

Realizing the need of the 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.

The product was launched in a co-op with PaySend, which now has 1.4 million international customers. The new digital wallet it has created with JS Bank gives “a new level of security and speed” to freelancers.

“Doing freelance work can be stressful without the right tools to ensure seamless administration,” says PaySend’s CEO Ronald Millar. “This new solution will help to empower freelancers across Pakistan by allowing them to manage their money from their smartphone.”

After receiving the funds, the money could be withdrawn after a verification process from branchless banking agents, JS Bank branches or via ATM cards (for existing customers).

JS Bank’s Noman Azhar says: “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.”

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Unveiling the Limits of Bank Disruptors: Analyzing Chime’s Slowdown

This blog explores the Chime slowdown and how it highlights the challenges faced by these emerging financial disruptors.

Unleashing the Power of ChatGPT and Open Banking: A Paradigm Shift in Technology and Finance

In this blog post, we will explore the profound impact of ChatGPT and Open Banking, highlighting their potential and discussing the implications for businesses and individuals alike.

Onyx Private Affluent Bank: Redefining FinTech Excellence for High-Net-Worth Individuals

In this blog post, we will delve into the key features and services offered by Onyx Private Affluent Bank and explore how it is transforming the fintech landscape.

European Banks Collaborate with Bitpanda and Coinbase to Bring Crypto to Customers

By leveraging Bitpanda Technology Solutions, a business-to-business infrastructure layer provider, Coinbase aims to connect directly with banks and fintech companies across Europe.