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 access to their funds through the NayaPay app and associated debit card, which will be 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:
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. 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, subject to terms and conditions mentioned therein, 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.
This doesn’t sound very different from EasyPaisa. We can already do all these things (and more) with EP. They’re making it sound groundbreaking, like PayPal is coming to Pakistan but it isn’t accepted globally like PayPal.
pie jaan, yeah sub to theek hai per we already such system in the form of Easy pay and Jazz Cash and I think few others.
We need a system that will allow Pakistanis to accept credit cards and recurring payments from abroad. This is how exports will sky rocket.
Will someone come up with such a system?
Can someone build 2checkout type system that accepts Paypal as well?
Bro can I have your contact details?
What’s new?
Here I thought it was Equal Monthly Installments (EMI) :D