KARACHI: The State Bank of Pakistan (SBP) has granted in-principle approval to NayaPay to operate as an Electronic Money Institution (EMI) in Pakistan on Monday.
According to a press release issued by the company, the approval will enable the company 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.
The press statement read, “NayaPay 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.”
NayaPay Chief Executive Officer Danish A. Lakhani in a press release 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.”
The press statement read, “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.”
PayPal is an electronic commerce company that facilitates payments between parties through online funds transfers. It allows customers to establish an account on its website, which is connected to a user’s credit card or checking account.
NayaPay will enable Pakistanis to open E-Money accounts and make timely digital payments to each other and in-between businesses. It has partnered with leading banks and other aggregators to facilitate users with multiple avenues for cash withdrawal, loading and bill payment.
Users will also be able to withdraw cash through the NayaPay app and the associated debit card, which will be accepted at any ATM, as well as pay bills. Customers will also be able to transfer money through mobile by using a secure EMVCo. QR code.