Careem Pay has received an In-Principle-Approval (IPA) for an Electronic Money Institution license from the State Bank of Pakistan (SBP) (EMI).

Careem Pay, the company’s fintech subsidiary, has started in Pakistan as a separate corporation with intentions to invest $50 million in the country’s fintech ecosystem. It will be led by General Manager Noman Khurshid.Subject to SBP final clearance, Careem Pay will be able to provide convenient and accessible financial services to 9+ million Customers, 800,000 Captains, and 3000+ merchants both on and off the Careem App.

Careem Pay will offer services such as bill payments, government and education fees, peer-to-peer (P2P) transfer, and wallet cash-outs once it receives operational readiness from SBP. Careem Pay plans to offer cards, inward foreign remittance services, and services that allow customers and merchants to make and receive online and offline payments in following phases, subject to SBP clearance.

This is in addition to Careem Pay’s existing capabilities, which include payment across all Careem services, such as ride-hailing and food delivery, as well as P2P credit transfers and mobile top-ups within the app.

“Careem Pay aspires to simplify and improve lives by making everyday payments easier and more accessible for our Customers, Captains, and merchants,” said Mudassir Sheikha, CEO and Co-founder of Careem.

We are grateful to the SBP for awarding us an IPA for the EMI license, which provides us with a tremendous chance to empower individuals through innovative payment experiences. With over 30% of the population and 18% of women banked in Pakistan, we see this as a huge potential to move away from cash payments and toward digital transactions. “Careem Pay!” chalo!

“Careem is well positioned to leverage into the digital financial opportunities in Pakistan,” said Noman Kurshid, GM Pakistan, Careem Pay.

We understand the problem issues and are well positioned to develop solutions to address them because we have a large Customer, Captain, and merchant base across the country that conducts high frequency transactions on our platform. We are thrilled to contribute to Pakistan’s financial ecosystem’s digitization and financial inclusion.”

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Taking a major step forward in digitally transforming the economy, the State Bank of Pakistan has issued NayaPay Pvt. Ltd. In-Principle approval to operate as an Electronic Money Institution (EMI).

As an EMI, NayaPay will enable Pakistanis to open E-Money accounts and make hassle-free digital payments to each other and to businesses. NayaPay places great emphasis on customer convenience and has partnered with leading banks and other aggregators to facilitate users with multiple avenues for cash withdrawal, loading and bill payment.

Users will have ready access to their funds through the NayaPay app and associated debit card, accepted at any ATM across Pakistan as well as at numerous retailers. Users will also be able to pay NayaPay merchants instantly from their mobile phones using secure EMVCo. QR codes.

Danish A. Lakhani, CEO, NayaPay said:

“E-Money will make financial services simpler, more convenient and accessible to the Pakistani user – the needs of whom have been overlooked for far too long. As a home-grown platform, NayaPay will continue to drive innovation and iterate to best address specific pain points of local users and businesses while strictly following international AML and CFT guidelines.”

The In-Principle approval, subject to terms and conditions mentioned therein, allows NayaPay to commence the pilot phase of transactions in a controlled environment and under the SBP’s supervision to seek approval for the commercial launch of its services.

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As the year 2016 reaching its end all the data charts are being prepared. A great rise was observed in the graph of Payments Systems in Pakistan. It was confirmed by State Bank of Pakistan.

The reason for this growth is usage of digital media.

According to the listed facts by State Bank of Pakistan in the year 2016 the RTGS increased to 29%. Also the stats state that E-banking transactions have increased by 16% in volume while they had an increase of 4% in value.

Online and digital transactions are easy and can be done with much more feasibility than paper work. The shops have opened and now we have personal accounts on our mobile phone for much more convenience. Slowly the E-banking system is coming into rule.

If compared to 2015 the usage of ATMs and POSs has raised to 18% in 2016 from 8% in 2015. The stats also include the mobile banking service. The statement issued by bank states, “Payment System infrastructure also showed phenomenal growth during the period under review. The number of branches increased from 11,937 to 13,179 whereas total number of ATMs installed in the country increased from 9,597 to 11,381 during the year.’’

State Bank of Pakistan monitors all sorts of transactions and deals. It’s the most reliable bank which provides multiple services like credit cards, debit cards, personal and business loans and much more with full security.

The new trend is using E-banking and you can carry your bank in your hand. It is easier and reliable.

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