The State Bank of Pakistan (SBP) has granted an In-Principle Approval (IPA) to PaySa to operate as an Electronic Money Institution (EMI) in Pakistan, marking a major step towards advancing the country’s digital payments ecosystem.
Historically, The Central Bank has granted similar approvals to companies for specific use cases of consumer and merchant wallets. However, in PaySa’s case, the approval also includes an additional business segment for POS and QR acquiring alongside consumer and merchant wallets.
PaySa was conceived in 2022 with the vision to provide seamless payment services and play a crucial role in Pakistan’s digitalization. They are currently working in partnership with Meezan Bank, deploying POS terminals to accelerate digital payment adoption in Pakistan. Under this EMI license, PaySa will enable its users to digitally open e-money accounts and conduct hassle-free digital transactions. Further, customers will have access to cash withdrawals, bill payments, money transfers, debit card payments & QR payments, all at the comfort of their homes.
“Our mission is to empower individuals and businesses by offering cutting-edge digital financial solutions, which are not only convenient but also cost-effective and available to all” said PaySa CEO Ali Adnan
With this milestone, PaySa is set to redefine the future of digital financial services in Pakistan, making it more inclusive, secure, accessible, and efficient.
For more updates, visit: www.paysa.com.pk
