NayaPay: Pakistan gets the new Electronic Money Institution under SBP

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NayaPay: Pakistan gets the new Electronic Money Institution under SBP

ISLAMABAD - Pakistan gets the new Electronic Money Institution under State Bank of Pakistan, media report had revealed.

The State Bank of Pakistan (SBP) has granted in-principle approval to NayaPay to operate as an Electronic Money Institution (EMI) in Pakistan.

“The approval will enable the company to commence pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services,” a press release issued by the company said on Monday.

With NayaPay, customers will be able to open e-money accounts as well as carry out “hassle-free” digital transactions.

Users will also be able to withdraw cash through the NayaPay app and the associated debit card, which will be acceptable at any ATM, as well as pay bills. Customers will also be able to transfer money through mobile by using a secure EMVCo. QR code.

“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,” the press statement read.