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After receiving the funds, the money could be withdrawn after a verification process from branchless banking agents, JS Bank branches or via ATM cards (for existing customers).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