The State Bank of Pakistan granted an in-principle approval to NayaPay to operate as an Electronic Money Institution (EMI) in Pakistan, a press release issued by the company said on Monday.
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", according to the press release.
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.
"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," NayaPay Chief Executive Officer Danish A. Lakhani was quoted as saying by the press release. "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."