Digital Wallets are rapidly evolving, these institutions are revolutionizing the way transactions are conducted, enhancing financial inclusion, and promoting digital payments nationwide.
Before starting our guide, here is a quick overview of the digital wallets in Pakistan, including their parent companies, approval dates, services offered, and current status.
| Digital Wallet | Parent Company | Approval Date | Services Offered | Status |
|---|---|---|---|---|
| NayaPay Pvt. Ltd. | NayaPay (Private) Limited | August 30, 2021 | E-money wallet for Consumers | Live |
| E-money wallet for Merchants | ||||
| Finja Pvt. Ltd. | Finja Pvt. Ltd. | September 14, 2021 | E-money Wallet for Consumers | Live |
| E-money Wallet for Merchants | ||||
| CMPECC Ltd. | M/s CMPECC (Pvt) Ltd | March 22, 2022 | E-money Wallet for Consumers | Live |
| E-money Wallet for Merchants | ||||
| SadaTech Pakistan Pvt. Ltd. | SadaTech Pakistan Pvt. Ltd. | April 18, 2022 | E-money Wallet for Consumers | Live |
| E-money Wallet for Freelancers | ||||
| Akhtar Fuiou Technologies Pvt. Ltd. | Akhtar Fuiou Technologies Pvt. Ltd. | November 23, 2023 | E-money Wallet for Consumers | Live |
| E-money Wallet for Farmers | ||||
| Wemsol Pvt. Ltd. | Wemsol Pvt. Ltd. | July 08, 2020 | E-money wallet for Consumers and Merchants | Pilot |
| Payment Gateway for Consumers and Merchants | ||||
| TAG Innovation Pvt. Ltd. | TAG Innovation (Private) Limited | October 07, 2022 | E-money Wallet for Consumers | Pilot |
| EP Systems | EP Systems | January 18, 2023 | E-money Wallet for Consumers | Pilot |
| E-money Wallet for Merchants | ||||
| Hubpay Pvt. Ltd. | Hubpay Limited | February 02, 2022 | E-money Wallet for Consumers | In-Principle |
| E-money Wallet for Merchants | ||||
| Careem Payment Solutions Pvt. Ltd. | Careem Payment Solutions Pvt. Ltd. | August 28, 2023 | E-money Wallet for Consumers | Withdrawn |
| YAP Pakistan (Pvt) Ltd. | YAP Pakistan (Pvt) Ltd. | April 29, 2022 | E-money Wallet for Consumers | In-Principle |
| Checkout (Private) Limited | Checkout (Private) Limited | April 05, 2023 | E-money Wallet for Merchants | Withdrawn |
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Digital Wallets In Pakistan | International Online Payment Methods In Pakistan
Table Of Contents
- Digital Wallets In Pakistan | International Online Payment Methods In Pakistan
- Electronic Money Institutions (EMIs) Vs. Conventional Payment Systems
-
List of Authorized Electronic Money Institutions (EMIs)
- NayaPay Pvt. Ltd.
- Finja Pvt. Ltd.
- CMPECC Ltd.
- SadaTech Pakistan Pvt. Ltd.
- Akhtar Fuiou Technologies Pvt. Ltd.
- Wemsol Pvt. Ltd.
- TAG Innovation Pvt. Ltd.
- EP Systems
- Hubpay Pvt. Ltd.
- Careem Payment Solutions Pvt. Ltd.
- YAP Pakistan (Pvt) Ltd.
- Checkout (Private) Limited
- Comparison Of Digital Wallets Available In Pakistan
- Top 3 Best Digital Wallets in Pakistan (Our Recommendation)
- FAQs | Digital Wallets
-
List of Authorized Electronic Money Institutions (EMIs)
Electronic Money Institutions (EMIs) Vs. Conventional Payment Systems
Here is a brief comparison of digital or Electronic Money Institutions (EMIs) and Conventional Payment Systems to understand the workings and functions of digital wallets worldwide.
| Topic | Electronic Money Institutions (EMIs) | Conventional Payment Systems |
|---|---|---|
| Definition | Traditional banks and financial institutions facilitate payments via cash, checks, etc. | Traditional banks and financial institutions facilitating payments via cash, checks, etc. |
| Functions | 1. Issuance of electronic money. 2. Facilitation of digital transactions. 3. Provision of e-money wallets for consumers and merchants. | 1. Facilitation of cash-based transactions. 2. Processing of checks and bank transfers. |
| Operations | Operate digitally through online platforms, mobile apps, and electronic payment networks. | Primarily operate through physical branches and manual processing systems. |
| Accessibility | Accessible 24/7 via internet-connected devices such as smartphones, tablets, and computers. | Limited operating hours and physical presence required for transactions. |
| Speed of Transactions | Often, there are lower transaction fees compared to conventional banks, especially for online transactions. | Transactions may take longer due to manual processing and clearance times. |
| Cost Efficiency | Transaction fees may vary and can be higher due to the overhead costs of physical branches. | Transaction fees may vary and can be higher due to overhead costs of physical branches. |
| Security Measures | Implement advanced encryption technologies and security protocols to safeguard user data and transactions. | Relies on physical security measures and may be susceptible to fraud and theft. |
| Financial Inclusion | Contribute to financial inclusion by providing access to digital payment services for unbanked and underbanked populations. | Limited accessibility for individuals without access to traditional banking services. |
| Innovation and Technology | Drive innovation in the payments industry through the adoption of cutting-edge technologies such as blockchain and mobile payment solutions. | Adoption of technology may be slower, with a focus on traditional banking practices. |
| Regulatory Framework | Governed by specific regulations and guidelines set forth by regulatory authorities such as central banks and financial regulators. | Subject to banking regulations and oversight by central banks and financial authorities. |
List of Authorized Electronic Money Institutions (EMIs)
Here are the details about the List of Authorized Electronic Money Institutions (EMIs) that are operational in Pakistan:
- NayaPay Pvt. Ltd.
- Finja Pvt. Ltd.
- CMPECC Ltd.
- SadaTech Pakistan Pvt. Ltd.
- Akhtar Fuiou Technologies Pvt. Ltd.
- Wemsol Pvt. Ltd.
- TAG Innovation Pvt. Ltd.
- EP Systems
- Hubpay Pvt. Ltd.
- Careem Payment Solutions Pvt. Ltd.
- YAP Pakistan (Pvt) Ltd.
- Checkout (Private) Limited
NayaPay Pvt. Ltd.
NayaPay (Private) Limited operates as an Electronic Money Institution (EMI) under the authorization and regulation of the State Bank of Pakistan. The company offers a range of digital payment solutions tailored for both consumers and merchants.
Products/Services
- E-money wallet for Consumers
- E-money wallet for Merchants
NayaPay received approval from the State Bank of Pakistan on August 30, 2021, allowing it to operate as an EMI. As of the latest update, NayaPay’s status is marked as “Live,”.
Finja Pvt. Ltd.
Finja is a contemporary digital organization committed to spearheading Pakistan’s economic shift towards digitalization by offering accessible financial services to Micro, Small, and Medium Enterprises (MSMEs) and their stakeholders. Their product and service offerings include:
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Merchants
Finja received approval from relevant regulatory authorities on September 14, 2021. As of the latest update, Finja’s services are live.
CMPECC Ltd.
The State Bank of Pakistan (SBP) issued guidance to M/s CMPECC (Pvt) Ltd on October 23, 2023, regarding their status under the Regulations for Electronic Money Institutions (EMIs), as follows:
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Merchants
M/s CMPECC (Pvt) Ltd received approval from the State Bank of Pakistan on March 22, 2022. As per the latest update, M/s CMPECC (Pvt) Ltd’s electronic money services are live.
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SadaTech Pakistan Pvt. Ltd.
SadaTech Pakistan Private Limited, operating under the name SadaPay, is a financial technology company established in 2019 and headquartered in Islamabad, Pakistan.
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Freelancers
SadaPay received approval for its operations from relevant regulatory authorities on April 18, 2022. As per the latest update, SadaPay’s electronic money services are live.
Akhtar Fuiou Technologies Pvt. Ltd.
Akhtar Fuiou Technologies Pvt. Ltd., a prominent fintech company, has obtained approval from the State Bank of Pakistan (SBP) to initiate pilot operations for an Electronic Money Institution (EMI) license.
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Farmers
Akhtar Fuiou Technologies Pvt. Ltd. received approval from the State Bank of Pakistan on November 23, 2023. As per the latest update, Akhtar Fuiou Technologies’ electronic money services are live.
Wemsol Pvt. Ltd.
Wemsol Private Ltd, established in 2011, is a pioneering payment and technology service provider catering to the financial and retail sectors with a strong emphasis on customer satisfaction.
Products/Services:
- i. E-money wallet for Consumers and Merchants
- ii. Payment Gateway for Consumers and Merchants
Wemsol Private Ltd received approval on July 08, 2020. As of the latest update, Wemsol has been granted pilot approval.
TAG Innovation Pvt. Ltd.
TAG Innovation (Private) Limited, referred to as TAG, offers digital wallet and payment services to consumers.
Products/Services:
- i. E-money Wallet for Consumers
TAG received approval from the relevant regulatory authorities on October 07, 2022. The regulatory status of TAG’s operations has changed. Initially granted In-Principle Approval and Pilot Operations approval.
EP Systems
EP Systems, a Lahore, Punjab-based company in the financial services industry, owns and operates two fintech products: OneLoad and OneZapp.
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Merchants
EP Systems received approval for its operations on January 18, 2023. As of the latest update, EP Systems has been granted pilot approval.
Hubpay Pvt. Ltd.
Hubpay Limited, registered under the laws of the Abu Dhabi Global Market (ADGM) with registration number 000004051, is licensed and regulated by the Financial Services Regulatory Authority (FSRA) for providing Money Services under Financial Services Permission number 190024.
Products/Services:
- i. E-money Wallet for Consumers
- ii. E-money Wallet for Merchants
Hubpay Limited received approval for its operations on February 02, 2022. As of the latest update, Hubpay Limited has been granted In-Principle Approval.
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Careem Payment Solutions Pvt. Ltd.
Careem Payment Solutions Pvt. Ltd. offers digital financial services with a focus on providing an electronic money wallet for consumers.
Products/Services:
- i. E-money Wallet for Consumers
Careem Payment Solutions Pvt. Ltd. received approval for its operations on August 28, 2023. As of the latest update, Careem Payment Solutions Pvt. Ltd. has withdrawn its In-Principle Approval.
YAP Pakistan (Pvt) Ltd.
YAP Pakistan (Pvt) Ltd. provides digital financial solutions with a focus on offering an electronic money wallet for consumers.
Products/Services:
- i. E-money Wallet for Consumers
YAP Pakistan (Pvt) Ltd. received approval for its operations on April 29, 2022. As of the latest update, YAP Pakistan (Pvt) Ltd. has been granted In-Principle Approval.
Checkout (Private) Limited
Checkout (Private) Limited specializes in providing digital financial solutions tailored for merchants.
Products/Services:
- i. E-money Wallet for Merchants
- ii. E-Commerce Payment Gateway for Consumers and Merchants
Checkout (Private) Limited received approval for its operations on April 05, 2023. As of the latest update, Checkout (Private) Limited has withdrawn its In-Principle Approval.
Comparison Of Digital Wallets Available In Pakistan
The following comparison table includes additional features such as Mobile App Availability, Transaction Fees, Integration with Banks, and Customer Support to provide an overview of the digital wallets available in Pakistan.
Here’s a comparison table between the digital wallets available in Pakistan:
| Feature | NayaPay | Finja | SadaPay | Akhtar Fuiou Technologies | Wemsol | TAG Innovation | EP Systems | Hubpay | Careem Payment Solutions | YAP Pakistan | Checkout |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Parent Company | NayaPay (Private) Limited | Finja Pvt. Ltd. | SadaTech Pakistan Pvt. Ltd. | Akhtar Fuiou Technologies Pvt. Ltd. | Wemsol Pvt. Ltd. | TAG Innovation (Private) Limited | EP Systems | Hubpay Limited | Careem Payment Solutions Pvt. Ltd. | YAP Pakistan (Pvt) Ltd. | Checkout (Private) Limited |
| Approval Date | August 30, 2021 | September 14, 2021 | April 18, 2022 | November 23, 2023 | July 08, 2020 | October 07, 2022 | January 18, 2023 | February 02, 2022 | August 28, 2023 | April 29, 2022 | April 05, 2023 |
| Services Offered | E-money wallet for Consumers, E-money wallet for Merchants | E-money Wallet for Consumers, E-money Wallet for Merchants | E-money Wallet for Consumers, E-money Wallet for Freelancers | E-money Wallet for Consumers, E-money Wallet for Farmers | E-money wallet for Consumers and Merchants, Payment Gateway for Consumers and Merchants | E-money Wallet for Consumers | E-money Wallet for Consumers, E-money Wallet for Merchants | E-money Wallet for Consumers, E-money Wallet for Merchants | E-money Wallet for Consumers | E-money Wallet for Consumers | E-money Wallet for Merchants |
| Status | Live | Live | Live | Live | Pilot | Pilot | Pilot | In-Principle | Withdrawn | In-Principle | Withdrawn |
| Mobile App Availability | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Transaction Fees | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies | Varies |
| Integration with Banks | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Customer Support | Email, Phone, FAQ | Email, Phone, Chat | Email, Phone | Email, Phone | Email, Phone | Email, Phone | Email, Phone | Email, Phone | Email, Phone | Email, Phone | Email, Phone |
Top 3 Best Digital Wallets in Pakistan (Our Recommendation)
The top 3 digital wallets in Pakistan, considering functionality and other factors, are:
- NayaPay
- Offers e-money wallets for both consumers and merchants.
- Received approval relatively early (August 30, 2021).
- Status is marked as “Live.”
- Provides a diverse array of digital payment solutions.
- Finja
- Provides e-money wallets for consumers and merchants.
- Received approval on September 14, 2021.
- Status is marked as “Live.”
- Committed to spearheading Pakistan’s economic shift towards digitalization, particularly focused on Micro, Small, and Medium Enterprises (MSMEs).
- SadaPay
- Offers e-money wallets for consumers and freelancers.
- Received approval on April 18, 2022.
- Status is marked as “Live.”
- Focused on providing accessible financial services and fostering financial inclusion.
These three digital wallets stand out based on their range of services, approval dates, current status, and their contribution to digital financial inclusion in Pakistan.
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FAQs | Digital Wallets
What is an Electronic Money Institution (EMI)?
An EMI is an entity authorized and regulated by the State Bank of Pakistan (SBP) to provide digital financial services, such as e-money wallets and payment solutions.
What are the key products/services offered by EMIs?
EMIs typically offer e-money wallets for both consumers and merchants, facilitating digital transactions and payments.
How does the approval process for EMIs work?
The State Bank of Pakistan grants approvals to EMIs based on their applications and provided information. This includes In-Principle approvals, indicating progress towards regulatory authorization.
What does an In-Principle Approval signify?
An In-Principle Approval indicates that an EMI’s application has been reviewed by the SBP, but it does not endorse the EMI’s business model or financial viability.
Is an In-Principle Approval a guarantee of the EMI’s credibility?
No, the issuance of an In-Principle Approval does not guarantee the credibility or reliability of the EMI. It’s important to conduct further due diligence before establishing a business relationship.
What responsibilities does the SBP hold regarding In-Principle Approvals?
The SBP is not liable for any financial, legal, or reputational losses incurred by entities or individuals based on the In-Principle approval granted to an EMI.
Can EMIs operate without full regulatory authorization?
EMIs may receive In-Principle approvals, but they must obtain full regulatory authorization before fully operating their services.
What factors should be considered before engaging with an EMI?
Prior to establishing a business relationship with an EMI, entities and individuals should thoroughly assess the EMI’s credibility, financial stability, and regulatory status.
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