Paystar, Inc (Paystar) and its joint venture Translink Global Processing G.P.M.E. (Translink), is introducing mobile phone remittance payment services to its clients for sending funds from the Middle East to South East Asia and sub-continent India. Paystar, a USA-based mobile payment provider with a global footprint, has partnered with Commercial Bank to provide the service in Qatar.
Commercial Bank, Qatar’s first private bank, has launched the service in the Qatar marketplace, by offering its PayCard customers the option of remitting monies home through their mobile phone, anytime and from anywhere.
This new mobile payment service allows PayCard customers to instantly send secure remittance transactions via SMS. Transactions are securely initiated by the remitter in Qatar using two-factor authentication. Remittances are sent to foreign beneficiaries in real-time and appear instantly on the both accounts.
This is the first time a major commercial bank has offered a cross-border instant mobile payments service to its payroll card customers in Qatar. Commercial Bank has chosen to partner with Paystar because of its proven technology, experience, strong organization and focus on compliance.
Amit Sah, Commercial Bank EGM, Consumer Banking said: “Commercial Bank has the leading PayCard solution in the market, providing an invaluable service by ensuring all employee salaries are paid electronically. In addition, providing a mobile-based solution to allow our PayCard customers to send money home is an important need for these customers, who often have limited time and resources to travel and spend many hours standing in queues at exchange houses. We believe this product can significantly improve their quality of life, as sending money home is now made quicker and easier through their mobile phone.”
Tim Wood, President of Operations for Paystar, Inc said: “Paystar has been ahead of the market in its development of payment technologies for years and now we have proven our solutions work much better and are more reliable than expected. We can move funds from a consumer’s personal debit account at the bank and deposit them onto their beneficiary’s debit account at a foreign bank within our network almost instantly. The beneficiary is notified via SMS of the deposit to their account and the funds are available immediately for spending or ATM withdraw. The service is also being competitively priced in the market place with CBQ offering a remittance fee at half the local rate. Workers sending funds home from Qatar now no longer have to wait in line at payment locations and can quickly and conveniently send funds from their mobile device with an SMS message. This makes it easier for remitters to send multiple payments home any day of the week, 24-hours a day.”