ISLAMABAD, Oct 10 (APP): Murtaza Ali, President of JazzCash on Thursday stressed need to make cross-border payments faster and accessible for millions of Pakistanis,” While talking at the International Association of Money Transfer Networks Conference (IAMTN) he recommended that digital remittance be exempt from wallet-receiving limits, enabling it to reach even remote, low-income households, empowering them to participate in the formal financial system.

Remittances play a critical role in Pakistan’s economy, providing a lifeline for millions of households. In 1QFY25, Pakistan received a record USD 8.8 billion in remittances, up by 39% year-on-year. As per reports, the average remittance transaction size in Pakistan is estimated between USD 350 to USD 400 (~PKR 110,000), far exceeding the PKR 50,000 limit on most mobile wallets.

Murtaza emphasized that recent policies from the State Bank of Pakistan have been critical in driving the adoption of digital payments. With remittance-friendly policies, we improve financial inclusion and increase the use of formal financial channels among underbanked and unbanked communities.

Murtaza stressed the need for interoperability — making it easier for customers to send and receive money across platforms — by aligning regulations across borders. He also pointed to the upcoming integration of Pakistan’s RAAST system with the Arab region’s Buna platform, which is expected to further promote cross-border payments from the Middle East.

Touching upon the importance of instant payments in the remittance landscape, he said that JazzCash is focused on providing fast, reliable payment solutions through mobile wallets. He cited the potential of direct wallet-to-wallet transfers, bypassing traditional banking systems and allowing instant cross-border payments.

As Pakistan advances in cross-border payments, collaboration between financial institutions, regulators, and fintech platforms is essential to ensure that remittances continue to support millions of Pakistani families while boosting the country’s economy. Through strategic partnerships and investments in cutting-edge technology, the industry is well-positioned to play a leading role in shaping the future of global remittances for Pakistan.