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 with market leadership 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.
Built from the ground up by a team of passionate Pakistanis, 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.
Danish A. Lakhani, founder and CEO, said:
“We are delighted to have the confidence and support of the State Bank in our mission to enable a range of new services that previously were only accessible by a small segment of Pakistani society. We believe that the future of commerce is fast, accessible and ubiquitous – NayaPay aims to be at the forefront in the digitization of Pakistan with our low cost and secure digital platform which enables payments, communications...
Read Full Story: https://www.techjuice.pk/state-bank-of-pakistan-grants-emi-license-to-nayapay/
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