Tech

The State Bank of Pakistan has granted NayaPay an EMI licence

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

NayaPay, which is backed by the Lakson Group, a Pakistani conglomerate with industry leadership in fast-moving consumer products, media, asset management, paper and board, and fibre internet, now provides users with a digital wallet that accepts Visa debit cards for everyday purchases.

NayaPay, which was created from the ground up by a group of enthusiastic Pakistanis, seeks to meet the requirements of underbanked individuals by allowing them to open 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 famous foreign websites like Amazon, AliExpress, Facebook, and Netflix. Users of NayaPay may also request a free real Visa debit card, which they can use to transact with over 46 million retailers worldwide.

Founder and CEO Danish A. Lakhani said:

“We are ecstatic to have the State Bank’s confidence and support in our aim to enable a variety of innovative services that were previously only available to a limited portion of Pakistani society. We think that the future of commerce is quick, accessible, and omnipresent – with our low-cost and secure digital platform that facilitates payments, communications, and intuitive interactions between consumers and companies, NayaPay aspires to be at the forefront of Pakistan’s digitization.”

The commercial clearance will enable the complete launch of the NayaPay consumer app, which provides users with a digital wallet that resides on their smartphone and allows them to manage their money from anywhere at any time. Using an exceptionally 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 transferring dollars to any bank account or wallet in Pakistan are among the other services.

Several major banks have collaborated with the firm to allow its customers to pay retailers using NayaPay. NayaPay is a fantastic companion wallet for consumers with accounts at partner banks. Customers can use NayaPay to make regular payments, such as monthly bill payments, financial transfers to friends, and purchases made with the NayaPay Visa debit card.

Payments may be received in wallets, costs can be paid, and cash can be transferred to bank accounts.

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

Raabta WebDesk

Raabta is the largest independent news publisher in Pakistan. Already a leader in Science & Technology, Raabta is bringing the same expertise and comprehensive coverage to Education, Business, startups, sports, and many other fields.

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