NayaPay receives an EMI licence from SBP

After a year-long pilot and examination by the State Bank, NayaPay has received commercial approval to operate as Pakistan’s first electronic money institution.

NayaPay is a digital wallet that accepts Visa debit cards and is backed by the Lakson Group, a Pakistani conglomerate with market leadership in fast-moving consumer products, media, asset management, paper and board, and fibre broadband.

NayaPay, which was created from the ground up by a group of dedicated Pakistanis, promises to meet the requirements of underbanked residents by allowing them to create a wallet account on their cellphones in just a few minutes with nothing more than their CNIC.

Users are given a Visa virtual card on their phone when they sign up, which they may use to make purchases on big foreign websites like Amazon, AliExpress, Facebook, and Netflix.

Users of NayaPay can also request a free real Visa debit card, which they can use to transact with over 46 million retailers across the world.

Danish A. Lakhani, the company’s founder and CEO, stated: “We are ecstatic to have the State Bank’s confidence and support in our mission to enable a range of innovative services that were previously only available to a tiny part of Pakistani society. We think that the future of commerce is fast, accessible, and omnipresent – with our low-cost, secure digital platform that facilitates payments, communications, and intuitive interactions between consumers and enterprises, NayaPay intends to be at the forefront of Pakistan’s digitization.”

The commercial certification will allow the full launch of the NayaPay consumer app, which provides users with a digital wallet that stays on their smartphone and allows them to manage their money at any time and from any location.

Using an exceedingly user-friendly chat interface, users can now experience quick money transactions between pals. Splitting bills, contributing to a money pool for a shared cause, purchasing mobile top-ups, and sending dollars to any bank account or wallet in Pakistan are among the additional services.

Several major banks have joined with NayaPay to allow their customers to pay businesses on the platform. NayaPay is a great companion wallet for people who have accounts with partner banks. Customers can use NayaPay to make regular payments, such as monthly bill payments, fund transfers to friends, and purchases with the NayaPay Visa debit card. Businesses can receive payments in their wallets, pay bills, and deposit money into their bank accounts.

NayaPay has also announced plans to launch Arc, an innovative platform that will enable small and medium businesses to accept digital payments and manage their finances.