Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic activities. Moreover, these are a vital source of foreign exchange for the country. To accelerate the flow of home remittances through banking channels and facilitate expatriates with a reliable, swift and cost effective conduit to transfer money to Pakistan, SBP has launched an M-Wallet Scheme for promotion of Home Remittances (see Circular to banks). These M-wallets are specifically called Branchless Banking Home Remittance Accounts (BB-HRA). Under the scheme, banks in partnership with telcos have introduced new, or tag the existing, M-wallets for home remittances. Users of these M-wallets will be able to receive home remittances in their accounts and use them when needed to withdraw cash or transfer funds, make purchases or pay bills. Every US dollar equivalent of money received in these accounts will also be provided with an airtime of two rupees equivalent in their mobile phones.