NayaPay has emerged as one of the first electronic money institutions in Pakistan. This FinTech company previously got the grant with commercial approval to operate with the central bank in the company.
FinTech has its sponsors from one of the leading business conglomerates in Pakistan, Lakson Group. NayaPay is now focusing on helping more residents into its mainstream ecosystem for financial services. It is working on addressing the needs of underbanked citizens, as the announcement states.
With its commercial approval out of the way, this firm is planning to launch the NayaPay consumer app. Here users can create a digital wallet using their smartphones within minutes. They can make use of their computerized national Identity card for this, as per the announcement by FinTech.
As a user signs up with a Visa virtual card, they get linked with their account for making an online purchase. A physical Visa debit card will be available for the users for free upon their request. It is giving them the ultimate access to 46 million merchant payments on a global scale.
While commenting on EMI license approval, NayaPay Founder and CEO Danish. Lakhani said that FinTech is interested in open service. The services which were only accessible to a small number of consumers will now become available to a huge consumer base.
“We believe that the future of commerce is fast, accessible, and ubiquitous,” he said in the announcement. “NayaPay aims to be at the forefront in the digitization of Pakistan with our low cost and secure digital platform, which enables payments, communications, and intuitive interactions between individuals and businesses.”
FinTech has partnered with leading banks. It will help us to pay merchants, usually via NayaPay. They can easily move money from one bank to another for their everyday payment functions. Merchant clients will also get the benefit as they can receive payments, pay off their expenses and make fund transfers to other banks.
FinTech has also shared its upcoming plans for SMBs. It will offer access to a new platform, Arc. It is for offering digital payment acceptance and access to the necessary financial management tools.