Taking a major step forward in digitally transforming the economy, the State Bank of Pakistan has issued NayaPay Pvt. Ltd. In-Principle approval to operate as an Electronic Money Institution (EMI).
NayaPay, an upcoming EMI, receives In-Principle Approval from SBP
As an EMI, NayaPay will enable Pakistanis to open E-Money accounts and make hassle-free digital payments to each other and to businesses. The app places great emphasis on customer convenience and has partnered with leading banks and other aggregators to facilitate users with multiple avenues for cash withdrawal, loading and bill payment. Users will have ready access to their funds through this app and associated debit card, accepted at any ATM across Pakistan as well as at numerous retailers. Users will also be able to pay NayaPay merchants instantly from their mobile phones using secure EMVCo. QR codes.
Danish A. Lakhani, CEO, NayaPay said: “E-Money will make financial services simpler, more convenient and accessible to the Pakistani user – the needs of whom have been overlooked for far too long. As a home-grown platform, NayaPay will continue to drive innovation and iterate to best address specific pain points of local users and businesses while strictly following international AML and CFT guidelines.”
The In-Principle approval, subject to terms and conditions mentioned therein, allows NayaPay to commence the pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services.