The State Bank of Pakistan granted approval in principle 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 allow the company to "begin the pilot phase of transactions in a controlled environment and under the supervision of SBP to seek approval of the commercial launch of its services," according to the press release.
With NayaPay, customers can open electronic money accounts and perform digital transactions "without problems." Users can also withdraw cash through the NayaPay application and the associated debit card, which will be acceptable at any ATM, as well as pay bills. Customers can also transfer money via mobile using a secure EMVCo. QR code.
"NayaPay places great emphasis on customer convenience and has partnered with major banks and other aggregators to provide users with multiple ways of withdrawing cash, loading and paying bills," the press release reads.
"Electronic money will make financial services simpler, more convenient and accessible to the Pakistani user, whose needs have been overlooked for too long," said NayaPay chief executive Danish A. Lakhani, according to the statement press. "As a local platform, NayaPay will continue to drive innovation and iterate to better address the specific weaknesses of local users and businesses, strictly following the international guidelines of AML and CFT."
Source: https://www.dawn.com/news/1508187/state-bank-grants-in-principle-approval-to-nayapay-to-operate-as-emi