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). The State Bank has also confirmed the issuance of in-principle approval to NayaPay as EMI. 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.

According to an announcement by NayaPay, 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 that E-Money will make financial services simpler, more convenient and accessible to the Pakistani use-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, he added.

Copyright Business Recorder, 2019