The State Bank of Pakistan (SBP) taking a key step forward in digitally transforming in the field of economy. It has issued NayaPay Pvt. Ltd to operate as an Electronic Money Institution (EMI).
NayaPay as an EMI, will facilitate Pakistanis in opening E-Money accounts and make digital payments comfortable to each other and to businesses.
The NayaPay’s app places great emphasis on customer convenience and has aligned with leading banks to facilitate users with multiple opportunities i-e cash withdrawal, loading and bill payment. Users will have 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.
CEO, NayaPay Danish A. Lakhani, said “E-Money will make financial services simpler, more convenient and accessible for the Pakistani user. As a home-grown platform, NayaPay will continue to bring innovation and emphasize to address best specific pain points of local users and businesses while strictly following international AML and CFT guidelines.”
Accorrding to the terms and conditions mentioned in approval, it allows NayaPay to start 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.