Pakistan Floods: Digital Remittances Emerge as Lifeline for 33 Million Affected
Pakistan, grappling with a devastating flood crisis since June, has seen 33 million people affected, with damages estimated at $30 billion. Amidst this, digital remittances are being emphasized to circumvent disruptions in cash pick-up locations. In 2021, Pakistan received $31.3 billion in remittances, a significant portion of which was facilitated by ACE Money Transfer, who paid out 55% as cash deposits.
The shift towards digital payments, particularly in rural areas, is being encouraged to ensure remittance continuity. Other companies like Taptap Send provide information on trusted organizations for donations. Money transfer providers worldwide often implement reduced fees or waive transfer charges, and sometimes offer special exchange rates, to support victims in flood-affected regions. While specific details about price strategies linked to the Pakistan floods were not found, some companies like Commercial Bank of Dubai have directly donated profits from remittances. ACE Money Transfer, for instance, has adjusted its services to support relief efforts.
With the floods causing immense loss and disruption, digital remittances and supportive measures from money transfer companies are crucial for reaching affected families and aiding recovery. As Pakistan continues to grapple with the aftermath, these initiatives help ensure that vital funds reach those in need.
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