WorldRemit today announced that it has launched remittances to Pakistan to enable its customers in 52 countries to send money transfers from the WorldRemit app to all bank accounts in Pakistan.
With more than 300,000 transactions in a month, WorldRemit allows its customers to easily transfer funds to a range of markets — now including Pakistan — online and through app while on the go.
WorldRemit claims to offer its services with lowest processing fee and guaranteed exchange rates. Processing charges are displayed up front, while exchange rate is also calculated in real-time — before transaction is made — to display the funds that recipients should expect.
Alix Murphy, senior mobile analyst at WorldRemit, comments: “For too long the Pakistani diaspora has had to deal with inconvenient and unnecessarily old-fashioned money transfer services. Using the WorldRemit app, Pakistanis abroad can now send money home just like an instant message”.
According to Central Bank, Pakistan is expecting $16.7 billion inflows during on-going year under the head of international remittances from individuals. This hints that market is huge enough to compel new cost-effective services tapping the Pakistani market.
In February 2015 WorldRemit received a $100m investment round led by Technology Crossover Ventures (TCV), early investors in Facebook, Spotify and Dropbox.
