The State Bank of Pakistan has permitted NayaPay (Pvt.) Limited, an upcoming E-money Institution (EMI), to commence operations on a limited scale. It is the second company to be provided such permission.
The pil0t stage is a precurs0r t0 the full launch 0f the services and features 0f the EMI t0 the general public. 0ver the c0urse 0f the pil0t, NayaPay will sign up users under the supervisi0n 0f the SBP and dem0nstrate its g0-t0-market readiness t0 qualify f0r c0mmercial appr0val.
The digital payments c0mpany will als0 use the 0pp0rtunity t0 actively s0licit and inc0rp0rate user feedback bef0re launching full c0mmercial 0perati0ns.
Participants 0f the invitati0n-0nly pil0t will n0w be the first t0 preview the app. Users will be able t0 sign up f0r their wallet within a few minutes and make hassle-free digital payments thr0ugh the NayaPay app and ass0ciated debit card, which can be used t0 withdraw m0ney fr0m any ATM and perf0rm digital transacti0ns with milli0ns 0f retailers 0nline and in st0res.
Danish A. Lakhani, Chief Executive 0fficer, NayaPay said: “We are very excited t0 begin this j0urney with the first generati0n 0f NayaPay users. We l00k f0rward t0 bec0ming a part 0f pe0ple’s daily lives with a digital platf0rm that enables meaningful interacti0ns f0r individuals and businesses.”