State Bank approved NayaPay to operate as EMI in Pakistan

NayaPay
NayaPay is newly developed Electronic Money Institution (EMI) in Pakistan

The State Bank of Pakistan issued an in-principle approval to NayaPay Pvt. Ltd. to operate as Electronic Money Institution (EMI) in Pakistan.

NayaPay an EMI will enable customers to open e-money accounts as well as carry out “hassle-free” digital payments. PayaPay customers withdraw cash through the app and the associated debit card, from any ATM, as well as pay bills. Money transfer through mobile by using a secure EMVCo. QR code will possible.

NayaPay places great emphasis on customer convenience and has partnered with leading banks and other aggregates to facilitate users with multiple avenues for cash withdrawal, loading and bill payment,” the press statement read.

“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,” NayaPay Chief Executive Officer Danish A. Lakhani was quoted as saying by the press release. “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, 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.

Danish A. Lakhani, CEO, NayaPay

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