Bitspark, a Hong Kong-based company that provides a money transfer platform for licensed money transfer remittance businesses announced today they have enabled bitcoin powered remittance transactions to Pakistan.
Pakistan is a very important market worldwide for remittances with over $15.8bn in inward remittances in 2014 – 2015 predominantly from GCC countries. Bitspark users can now send to any of the 40+ banks available in addition to cash pickup locations at any JS Bank.
Bitspark also announced it is launching a partnership with Urdubit, Pakistan’s first bitcoin trading platform. Details of which are still yet to come.
Bitspark users can simply select ‘Pakistan’ from the drop-down list on the Bitspark Send page and proceed to fill out the necessary details to initiate transfers. This is one of the first instances of bitcoin being used to enable lower cost remittances to Pakistan.
Even without many competitors fixed fees included, remittances through bitcoin by Bitspark allows users to save up to 5% in even the most competitive corridors which at the end of the day can mean 1300+ of extra Rupee’s in the recipient’s hands for an average transaction of $250 USD, even greater for other currencies.
See the comparison table below provided by Bitspark: