State Bank of Pakistan Grants EMI License to NayaPay
After a year-long trial and examination by the State Bank, NayaPay has been granted commercial clearance to operate as Pakistan’s first Electronic Money Institution.
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Sponsored by the Lakson Group, a Pakistani conglomerate with market dominance in the fields of fast-moving consumer goods, media, asset management, paper and board, and fiber broadband, NayaPay gives consumers a digital wallet with Visa debit cards for everyday payments.
Built from the ground up by a team of enthusiastic Pakistanis, NayaPay intends to solve the requirements of underbanked residents by allowing them to create a mobile wallet account in a matter of minutes with only their CNIC.
The commercial approval will permit the full-scale launch of the NayaPay consumer app, which provides users with a digital wallet that resides on their smartphone and allows them control over their money at all times and in any location. Using an exceedingly user-friendly chat interface, users can now experience quick money transactions between pals.
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The startup has partnered with a number of major banks so that their customers can use NayaPay to pay retailers. NayaPay is an exceptional companion wallet for consumers with accounts at partner banks.
NayaPay has also announced plans to develop Arc, an innovative platform aimed to give small and medium-sized businesses with digital payment acceptance and financial management solutions.
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