Nayapay, an upcoming EMI, receives in-principle approval from SBP.

• Position: Electronic Money Institution, State Bank of Pakistan

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).

As an EMI, NayaPay will enable Pakistanis to open E-Money accounts and make hassle-free digital payments to each other and to businesses. 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. Users will have ready access to their funds through the NayaPay 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...