Sci-Tech

SBP approves new electronic money institution and payment system operator

EMIs record 76.5% increase in accounts and 117% growth in transactions

SBP approves new electronic money institution and payment system operator
person using laptop computer holding card
Photo by rupixen on Unsplash

State Bank of Pakistan (SBP) has granted approval to Toko Lab and Accept Technologies (PayMob) for establishing as an Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP), respectively.

The EMI and PSO/PSP will now develop their infrastructure and readiness within 6 months for applying to SBP for permission to initiate pilot operations.

SBP has also granted approval to HubPay for initiating pilot operations as an EMI after assessing its readiness to initiate pilot operations.

Now, four EMIs namely NayaPay, SadaPay and Akhtar Fuiou Technologies are in commercial operations, three EMIs namely Wemsol, E-Processing System and HubPay are in pilot operations, whereas YAP, Cerisma, and Toko Lab have in-principle approval for establishing their readiness for pilot operations.

As of September 30, 2024, EMIs have opened 4.2 million wallets, issued 4.6 million payment cards and have outstanding E-money deposits of PKR 5.7 billion.

The e-money wallets have increased 76.5%, cards issuance by 41.4% and e-money deposits by 87.5% as compared to last year.

Further, during the first 3 quarters i.e. Jan to Sep of 2024, a total of 82.1 million payments were made through e-wallets offered by EMIs amounting to PKR 231.9 billion, showing a significant growth of 117% and 163% respectively as compared to the corresponding period in last year.

Comments

See what people are discussing

More from Business

Pakistan fails to meet major targets set by IMF

Pakistan fails to meet major targets set by IMF

Country now needs to collect PKR 6,009 billion in tax revenue by December 2024

More from Science

UN calls for $2.6 trillion investment to reverse land degradation

UN calls for $2.6 trillion investment to reverse land degradation

To hit $2.6 trillion, the world needs to close an annual gap of $278 billion, after just $66 billion was invested in 2022