A Pakistani fintech startup named as SadaPay has finally received approval by SBP and it will officially start its pilot operations next year.
SadaPay has partnered with the MasterCard in order to introduce modern financial services in Pakistan. It is to be expected that it will ease the complexity of banking. Moreover, it will also make the handling of money simple. By eliminating the high costs of managing the physical infrastructure of traditional banks from the equation, it will pass those savings onto the customer in order to facilitate them with free financial services.
The Approval of SadaPay will Eliminate the Complexity of Banking
The startup was testing the app and debit card internally under “in-principle” approval, which was awarded by the State Bank of Pakistan (SBP) earlier this year. Now, the startup is all set to start the operations.
” The startup noted in a blog that “Now that we’ve gotten our systems and infrastructure working, we can finally start onboarding people from the waitlist. Under the pilot phase, we can onboard a maximum of 1,000 accounts. The first few users to get their hands on SadaPay cards will be members of the Founders Club, in the order of their waitlist position. Founders Club members would be receiving our limited-edition Black debit card.”
Brandon Timinsky, Founder & CEO of Sadapay added “The pre-launch demand for SadaPay has exceeded all of our expectations and our team is totally blown away to see nearly 150,000 people on our waiting list. We can’t wait to have our users experience what we’ve built over the past year.”
The SadaPay will operate under the supervision of the State Bank of Pakistan for almost 60 days. During this period, the fintech startup will have to follow a set of SBP requirements and clear SBP inspections to attain a full commercial license approval for its public roll-out.
Initially, with the help of SadaPay app, users will be able to:
- Send and receive local transfers
- Receive remittance payments from overseas
- Virtual and physical debit cards
- Access card controls from the app
- Request free delivery of your physical debit card
Note: It will get more features very soon via regular app updates.
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