Digital-Wallets-In-Pakistan

Digital Wallets In Pakistan (Authorized Mobile Wallets) | E-wallets In Pakistan

Digital Wallets In Pakistan is rapidly evolving, spurred by the emergence of Electronic Money Institutions (EMIs) and their innovative offerings.

Governed by the State Bank of Pakistan (SBP), these institutions are revolutionizing the way transactions are conducted, aiming to enhance financial inclusion and promote digital payments nationwide.

With a diverse array of products and services ranging from e-money wallets for consumers to specialized solutions for merchants, EMIs are reshaping the traditional banking sector and empowering individuals and businesses alike.

However, amidst this transformative wave, it’s crucial to understand the intricacies of regulatory approvals, such as the In-Principle approvals granted by the SBP, and the responsibilities they entail.

In this article, we delve into the world of EMIs, exploring their significance, the approval process, and the implications for stakeholders in Pakistan’s evolving financial landscape.

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Digital Wallets In Pakistan (Authorized Mobile Wallets)

Digital-Wallets-In-Pakistan
Digital-Wallets-In-Pakistan

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Table of Contents

What are Electronic Money Institutions?

In 2019, the State Bank of Pakistan introduced Regulations for Electronic Money Institutions (EMIs) to encourage digital payments, foster innovation in the payments industry, enhance financial inclusion, and as empowered by the Payment Systems and Electronic Fund Transfers Act, 2007.

In Pakistan, EMIs are anticipated to deliver interoperable and secure digital payment products and services to end-users, contributing to the advancement of the digital economy.

The licensing process for prospective EMI applicants involves three stages: In-Principle approval, approval for Commencement of Pilot Operations, and Final Approval, which grants the EMI license.

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List of Authorized Electronic Money Institutions (EMIs)

Authorized-Electronic-Money-Institutions
Authorized-Electronic-Money-Institutions

Here are the details about the 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

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

  • i. E-money wallet for Consumers
  • ii. 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.

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.

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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.

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Important Details:

  • In-principle approvals are granted by the State Bank of Pakistan (SBP) to Electronic Money Institutions (EMIs) based on the information provided by the EMIs and a thorough review of their application under the Regulations for EMIs.
  • The issuance of an In-Principle approval should not be interpreted as an endorsement of the proposed business model, financial viability, or any other aspect of the EMIs by the SBP.
  • SBP will not bear responsibility for any financial, legal, or reputational losses incurred by any entity or individual that has established a business relationship with the respective EMI based on the In-Principle approval letter.

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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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