Through the partnership with PisoPay, OFWs can efficiently send money to their families while their families can easily pay bills through IBFT
, which reduces time spent from hours or days to just minutes,' Security Bank execute vice president and transaction banking group head Daniel Yu.
Various other local and home operated business have also flourished through Facebook pages as a result of rapid penetration of the internet and smartphones, COD and IBFT
services and the overall growing trends of online shopping.
Moreover, with more and more banks now offering consumers internet banking payment facilities, a vast volume of payments are made through IBFT
which enables consumers to electronically transfer funds directly from their online bank accounts to online stores.
In June 2015, the interbank network provider imposed a reduction of between 50 percent and 88 percent from the previous IBFT
Karachi -- Pakistan's first and largest branchless banking service and a joint venture of Telenor Pakistan and Tameer Microfinance Bank, Easypaisa, has become the first mobile money service in Pakistan to become interoperable with the existing banking infrastructure by launching the Inter Bank Fund Transfer (IBFT
) have been received by FIA from Jan 1, to November 11, 2018, State Minister for Interior Shehryar Afridi told Senate on Wednesday.
Pakistanis donated Rs7,980,314 through debit and credit cards while Rs113,331,330 through SMS and Rs115,721,197 through IBFT
. Likewise, Rs6,440,980,017 have been donated in the bank branches in specific accounts across the country and Rs124,158 through State Bank's Nostro.
As per State Bank of Pakistan data, the sale data of e-commerce only covers transactions made via digital channels (credit/debit cards, interbank funds transfer (IBFT
), prepaid cards, and mobile wallets).
Easypaisa has the largest product portfolio of services for its customers including remittances, payments, savings and insurance and offers ATM cards and IBFT
services that work with all banks connected through 1-Link in Pakistan.
* 1Link network is managed by 1Link (Guarantee) Limited (1Link), which is Pakistan's largest payment system by market share and provides ATM switch services, inter-bank funds transfer (IBFT
), bill payment services, etc.