State Bank of Pakistan grants EMI license to NayaPay

Pakistan-based fintech 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 that operates 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.

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.