Karachi: The State Bank of Pakistan (SBP) has given its in-principal approval to the NayaPay Private Limited to work as an Electronic Money Institution (EMI) in Pakistan, a news source reported. The approval allows the company to run a pilot phase of transactions.
According to a statement issued on Monday, the company aimed to facilitate locals with opening e-money accounts, in order to make easy digital payments. NayaPay will run the pilot phase of this project under the supervision of the SBP, so that it can seek its approval for a commercial launch of its services in the future.
A press release from the company stated that NayaPay emphasises customer convenience. It added that the company had partnered with leading banks and other relevant institutions to provide multiple cash withdrawal avenues to users. The company’s digital payment system will also provide the service of cash deposit and bill payment.
The users will have the help of the NayaPay application and associated debit card to access their funds. NayaPay will also register different merchants, so that users can pay them using mobile phones with the help of secure EMVCo.QR codes.
NayaPay Chief Executive Officer (CEO) Danish Ali Lakhani stated that e-money would make financial services simpler, accessible, and convenient for the Pakistani user. He added that NayaPay would continue to innovate, and stress on addressing specific issues faced by local users and businesses. However, he said that the company would strictly adhere to the international Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidelines while providing their services.
