JazzCash and the National Bank of Pakistan (NBP) have partnered to launch ‘Pay to CNIC’, an integrated service that allows NBP account holders to transfer funds to any individual with a valid CNIC; anywhere in Pakistan.
Funds remitted through this integration can be collected from JazzCash’s agents present nationwide. Aniqa Afzal Sandhu, Chief Digital and Financial Services Officer – Jazz, talking about the partnership, said, “As we move towards the digital future, JazzCash is leading the way with integrated partnerships and cutting edge products and services that are designed to facilitate the masses and build safe, sustainable bridges between the unbanked and banked population of Pakistan.”
NBP has enabled its account holders to transfer money (Pay-to-CNIC) through JazzCash to an individual’s CNIC within seconds, making it a convenient and safe digital transfer of funds particularly from the banked to the un-banked masses. All of this can be done through the NBP Digital App, a Mobile App for NBP account holders, which can be downloaded on any smartphone. Additionally, specifically for users without a smartphone, JazzCash has empowered NBP branches across Pakistan to conduct Pay–to-CNIC transactions on behalf of NBP Account Holders through a Web-Portal Interface.
A large percentage of NBP account holders are employed in the government sector, and are based away from home. Being able to transfer funds to their family and/or any other individual who is un-banked is vital for them. The receiver will be notified of the transaction through an SMS and can collect the funds from any nearby JazzCash agent by conducting a BVS Verification. With a wide network of JazzCash Agents throughout the country and advanced digital products, JazzCash is revolutionizing the way people bank and conduct financial transactions. With a monthly receiving limit up to Rs50, 000 per individual, Pay-to-CNIC aims at enhancing access to NBP Account Holders to remit funds to unbanked individuals.
Pay-to-CNIC is functional at NBP Branches through Web-Portal Interface, however, the service will be active on NBP Digital App in a few weeks.In the past, JazzCash has also collaborated with Bank Alfalahfor a similar service. The idea is to forge partnerships to bridge the prevalent divide between banked and unbanked segment.