08 Aug 2024
How are remittances in Pakistan improving through fintech? Remittance plays a crucial role in Pakistan's development. Pakistan is the fifth largest remittance-receiving country. Every year, Pakistani immigrants send nearly $19.3 billion in remittances to their families. They send money online to Pakistan to support their Pakistani families. In recent years, Pakistan has made many advancements in technology, which has led to greater convenience in fintech. Fintech uses financial resources to make efficient changes in money transfer services.
Technological innovations like blockchain, digital wallets, and online apps for money transfer are significant components of fintech. In 2024, fintech companies in Pakistan will grow their AUM to US$32.54m. The number of users in Pakistan’s digital market is gradually increasing. By 2028, the number of users will rise to 29,710.00k. Fintech has reduced the cost of remittance and made remittance services accessible to everyone in Pakistan. There are numerous ways of transferring money from around the world to Pakistan. Explore the article to learn how the development of fintech has made global transfers easier for Pakistani immigrants worldwide:
Remittances play a crucial role in lifting Pakistan’s economy. In 2021, Pakistan received a $28 billion remittance. The money from remittance was used for economic stability, contributed to household incomes, and was utilized in educational services. Sending money online to Pakistan is highly affordable for immigrants living worldwide. Fintech has made remittance more easy and accessible through the following ways:
Fintech has introduced modern ways of remittances, leaving behind traditional methods. Traditional methods of remittance transfer were costly and time-consuming. It includes money orders and conventional banking methods. But new modern ways are digital and speedy. There are numerous remittance transfer services, such as ACE Money Transfer. It uses advanced ways and technologies like blockchain and SSL to ensure smooth and safe remittance transfers to Pakistan.
At first, users only had two ways of transferring money: traditional banking or money order. With the improvement of fintech, many new remittance transaction methods have emerged. You can use credit cards, debit cards, Google Pay, digital wallets, banking apps, and online remittance services. You don't need to visit branches or stay alert about the timings and holidays of all institutions.
Remittance transfer services are highly accessible. There are different locations in almost every area of Pakistan for your payout. You can also visit nearby bank branches to receive money or for online money transfers to Pakistan. You can also receive your amount online in your digital wallet. Nowadays, almost everyone has mobile phones, which have become digital and cash pockets for remittance.
One of fintech's great revolutions is its added security layers in remittance transactions. People used to fear adopting online money transfer platforms because of scams and frauds. Now, they can send money using modern security technologies, such as fraud filter detection and VPN. Moreover, they can protect their digital wallets through biometrics, face detection, 2FA, or strong passwords.
Fintech has introduced the concept of unlimited global money transfers. Pakistani expats living abroad can make as many transactions as they want without restrictions. The number of transactions also depends upon the financial institution, as some banks limit them. ACE Money Transfer facilitates limitless transactions in Pakistan. Moreover, you can learn about 7-second money transfers to Pakistan from overseas for instant transactions.
Another advantage of fintech revolutionizing is that it has reduced the cost of remittance transfer fees. Senders can avoid paying heavy amounts for their global transactions. ACE Money Transfer offers the first fee-free transfer to Pakistan. Moreover, it provides meager rates for transferring money. Digital transactions are not costly because they are direct and do not involve any third party.
Using digital remittance, you can make instant money transfers to Pakistan. Before the fintech revolution, people used to plan their remittances so that their money could reach their destination on time. It used to take three to four days for money transactions. Now, senders can make instant and on-time transactions because of the availability of high-speed remittance services.
Now, senders can convert currency online through currency converters or remittance services, which have simplified remittance transfer methods. At first, they had to visit foreign currency exchange institutions, which charged a considerable amount for converting money, resulting in a significant loss. Online currency converters are affordable and easy to use.
Sending money abroad was a real challenge before the advancement of fintech. Now, fintech has improved the methods of remittance and made it easier for both senders and receivers. Before technological advancement, there were only a few payout locations for remittance receipts, which caused a lot of trouble for recipients as they had to incur more expenses to find payment locations.
Digital waves and fintech have revolutionized the ways of remittance transfer in Pakistan. Pakistan is one of the largest remittance-receiving countries and has a more significant impact on its economy. Pakistani expats living abroad care about their Pakistani families and send them monthly money to drive their household sectors.
Fintech has developed new and advanced remittance methods. It has improved the efficiency of remittance services and made them secure by adding features like encryption, blockchain, and SSL for transaction security. Currently, there are thousands of payout locations in Pakistan, which has made remittance accessible to everyone.
Fintech has encouraged Pakistani immigrants to send money online to Pakistan by facilitating remittance. The low-cost and effortless methods comfort the sender, who sends money to Pakistan according to need. Fintech has removed the fear of limited transactions. Senders can use their digital wallets or cards for remittance transfers without tangling with cash. Moreover, they can secure their accounts through solid passwords, turning on 2FA, and applying biometrics.
You will find numerous remittance services, but choosing the best can be challenging. Select the service that is connected to multiple payout locations in Pakistan. ACE Money Transfer is associated with more than 11 banks and countless other financial institutes for money transfers. It includes over 6,500 branches of different banks and cashout locations, making it a leading service for making instant money transfers to Pakistan.
Fintech stands for finance and technology, which refers to using technology to improve financial services. It includes national and international money-transfer methods. It has revolutionized remittance by making money transfers faster, cheaper, and more accessible through digital platforms and mobile apps.
Advanced remittance services use digital platforms like mobile wallets, apps, or bank cards to send money. They guard senders' money with high-security tools such as blockchain technology, fraud filter detectors, biometrics, and remittance tracking.
Digital money transfers offer numerous benefits, such as low costs, competitive exchange rates, high accessibility, advanced security tools, and highly secure and convenient money transfers.
ACE is affordable because it offers shallow service charges for sending money. Moreover, it has a transparent fee structure with no hyphen charges. It also provides competitive exchange rates with add-ons up to your remittance amount.
ACE Money Transfer is connected with over 20 banks in Pakistan, with over 6,500 branches. This makes ACE a highly connected service with widespread access for recipients to receive money.
