State Bank of Pakistan grants EMI License to NayaPay

NayaPay has earned commercial approval to operate as the first Electronic Money Institution in Pakistan-- after a year-long pilot and inspection by the State Bank.

Read

State Bank of Pakistan grants EMI License to NayaPay

NayaPay has earned commercial approval to operate as the first Electronic Money Institution in Pakistan-- after a year-long pilot and inspection by the State Bank. Backed by sponsors of the Lakson Group, a conglomerate in Pakistan with market leadership in the fast-moving consumer goods, media, asset management, paper and board, and fibre broadband industries, NayaPay currently offers consumers a digital wallet with Visa debit cards for everyday payments.

Built from the ground up by a team of passionate Pakistanis, NayaPay aims to address the needs of underbanked citizens -- enabling them to create a wallet account within a few minutes on their smartphones; all one needs is her or his CNIC. On sign up, users are issued a Visa virtual card right on their phone for online purchases on popular international websites such as Amazon, AliExpress, Facebook and Netflix. NayaPay users can also order a physical Visa debit card for free to their doorstep and use it to transact with over 46 million merchants across the world.

Danish A. Lakhani, founder and CEO, said:

“We are delighted to have the confidence and support of the State Bank in our mission to enable a range of new services that previously were only accessible by a small segment of Pakistani society. We believe that the future of commerce is fast, accessible and ubiquitous – NayaPay aims to be at the forefront in the digitization of Pakistan with our low cost and secure digital platform which enables payments, communications and intuitive interactions between individuals and businesses.”

The commercial approval will allow full-scale launch of the NayaPay consumer app which empowers users with a digital wallet that lives on the smartphone, and gives users control of their money anytime, anywhere. Users can now enjoy fast money transfers between friends using an incredibly user-friendly chat interface. Additional features include splitting bills, chipping into a money pool for a common purpose, purchasing mobile top-ups and transferring funds to any bank account or wallet in Pakistan.

The company has partnered with several leading banks to enable their users to pay merchants on NayaPay. For users with accounts at partner banks, NayaPay is an excellent companion wallet. Customers can conveniently move money to NayaPay for their everyday payments, including monthly bill payments, fund transfers to friends, and purchases using the NayaPay Visa debit card. Businesses can receive payments in their wallets, pay expenses and offload funds to their bank accounts.

NayaPay has also announced its plans to introduce Arc—an innovative platform designed to provide digital payments acceptance and financial management tools for small and medium enterprises.

More from NayaPay

14 May 2024

Enjoy 5 FREE withdrawals every month at UBL ATMs

10 May 2024

Soneri Bank joins forces with NayaPay as one of its partner banks

9 April 2024

Ant Group partners with NayaPay for Consumer Friendly Zones Program

15 February 2024

NayaPay and FWO Partner to Digitize M-Tag Payments

24 January 2024

NayaPay, Alipay+ Boost Global Payments into Pakistan

27 November 2023

NayaPay Awarded 'Best Fintech' at Pakistan Banking Awards 2023

28 March 2023

BOP and NayaPay collaborate to boost digital financial services

5 October 2022

UBL and NayaPay partner for fast international remittances to Pakistan

17 January 2023

HBL and NayaPay collaborate to boost global remittances to Pakistan

13 May 2022

#BetterTogether for Digitization: StormFiber and NayaPay Come Together

11 January 2021

Jazz and NayaPay team up for digitization of payments

24 February 2022

NayaPay secures $13m as it rolls out digital payments revolution

29 July 2020

NayaPay and Visa partner to fast-track digital payments in Pakistan

19 March 2020

Zong 4G Partners with NayaPay to Provide Seamless Digital Experience

18 May 2020

NayaPay Greenlighted by SBP for Pilot Operations

3 March 2020

NayaPay and Telenor Pakistan Come Together for Customer Convenience

19 April 2022

NayaPay partners with Euronet Pakistan to accelerate digital payments

27 January 2022

Askari Bank Limited joins hands with NayaPay as a partner bank

25 August 2021

Close the gender gap: NayaPay becomes a Friend of CodeGirls

13 August 2021

JS Bank Partners with NayaPay for Digital Payments

17 December 2019

NayaPay Integrates World-Check to Strengthen Customer Due Diligence

11 December 2019

NayaPay Receives ISO 27001 Certification

18 October 2019

NayaPay, an upcoming EMI, is now PCI DSS certified

14 November 2018

Meezan Bank and NayaPay Join Hands to Accelerate Digital Payments

30 September 2019

NayaPay receives In-Principle Approval from SBP

30 May 2019

NayaPay becomes 1LINK’s PayPak Affiliate Member

14 November 2018

Meezan Bank and NayaPay Join Hands to Accelerate Digital Payments

17 February 2020

NayaPay Partners with Faysal Bank for Digital Payments

No items found.