State Bank grants in-principle approval to NayaPay to operate as EMI

Published September 30, 2019
With NayaPay, customers will be able to open e-money accounts as well as carry out "hassle-free" digital transactions. — Photo courtesy PhoneWorld
With NayaPay, customers will be able to open e-money accounts as well as carry out "hassle-free" digital transactions. — Photo courtesy PhoneWorld

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."

Opinion

Editorial

02 Feb, 2022

How is FBR helping?

THAT the FBR missed its January tax collection target for the second month in a row is reflective of the ...
02 Feb, 2022

Persecuted media

THE media freedom report compiled by the Council of Pakistan Newspaper Editors paints an abysmal picture of the...
02 Feb, 2022

Beating the odds

ALL Grand Slam tennis events have numerous storylines, incredible plot twists and magical triumphs but perhaps none...
Judicial independence
Updated 01 Feb, 2022

Judicial independence

THE Supreme Court’s landmark verdict overturning its earlier judgement about ordering FBR to look into allegations...
NSA’s visit
Updated 01 Feb, 2022

NSA’s visit

No discussion appears to have taken place regarding Pakistan’s twin security challenges emanating from Afghanistan.
01 Feb, 2022

Clergyman’s killing

THE killing of Christian clergyman William Siraj in Peshawar on Sunday comes as a grim reminder of the threat that...