ISLAMABAD – Pakistan gets the new Electronic Money Institution under StateBank of Pakistan, media report had revealed.
The State Bank of Pakistan (SBP) has granted in-principle approval toNayaPay to operate as an Electronic Money Institution (EMI) in Pakistan.
“The approval will enable the company to commence pilot phase oftransactions in a controlled environment and under the SBP’s supervision toseek approval for the commercial launch of its services,” a press releaseissued by the company said on Monday.
With NayaPay, customers will be able to open e-money accounts as well ascarry out “hassle-free” digital transactions.
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Users will also be able to withdraw cash through the NayaPay app and theassociated debit card, which will be acceptable at any ATM, as well as paybills. Customers will also be able to transfer money through mobile byusing a secure EMVCo. QR code.
“NayaPay places great emphasis on customer convenience and has partneredwith leading banks and other aggregators to facilitate users with multipleavenues for cash withdrawal, loading and bill payment,” the press statementread.
