18.7 C
November 24, 2020
Business Latest Pakistan

SBP launches Mobile Wallet Scheme to promote home remittances

ISLAMABAD: The State Bank of Pakistan (SBP) has launched a Mobile Wallet scheme for promoting home remittances through the baking channels.

The Wallet Scheme has an easier registration process to accelerate the flow of home remittances through banking channels and facilitate expatriates with a reliable, swift and cost-effective conduit to transfer money to Pakistan.

According to a report, home remittance can now be received directly in M-wallets and there is no requirement to visit a bank branch, fill forms or stand in a queue to receive the remittances.

Users of these M-wallets would be able to receive home remittances in their accounts from where they can easily use the money to withdraw or transfer, make purchases or pay bills, the sources said, adding that every US dollar equivalent of money received in these accounts will also be provided with an airtime of two rupees equivalent in their mobile phones.

These M-wallets can only be fed with home remittances and no local deposit would be allowed, they informed.

“One account can keep a maximum balance of Rs1.5 million and there is also a restriction on receiving home remittance on a daily basis, as the account holder would be able to withdraw cash up to Rs50,000 per day and up to a maximum of Rs500,000 in a month,” they said.

According to sources, accounts can instantly be opened and activated at a bank branch or a branchless banking agent location with minimum documentation through biometric verification.