Lahore: The State Bank of Pakistan (SBP) has granted an Approval in Principle (AIP) for an Electronic Money Institution (EMI) license to SadaPay, a new digital wallet service; thereby allowing the company to carry out the pilot phase of its electronic operations on a limited scale, a news source reported. The central bank will monitor the initiative.
According to details, SadaPay is built on the basis for a ‘digital first’ financial institution in Pakistan. It aims to simplify the cost and complexities associated with traditional banking. It offers a smartphone-based digital wallet and a free virtual debit card. Users would have access to instant monitory transfers to any bank of the country and withdrawing is also available at domestic ATMs without fee. Furthermore, the facility extends the opportunity to deposit cash into SadaPay accounts via retail locations in Pakistan that numbers to over 30,000.
Former Finance Secretary Dr Waqar Masood Khan has joined SadaPay as Chairman of the Board. As per reports, both he and SadaPay Founder Brandon Timinsky lauded the SBP for its efforts to accelerate the country’s financial system’s digitisation.
Meanwhile, individuals who have signed up for the waitlist through SadaPay website would have early access to the services.