NayaPay is Pakistan’s first electronic money institution
NayaPay is a digital money institution in Pakistan. It lets users use their mobile phone and computer to make digital transactions. This allows them to purchase any product in the Pakistani market, pay bills, and even pay for university fees. The company’s aim is to help as many people as possible make their lives easier and more convenient by providing them with an e-money account.
The new e-money institution, sponsored by the Lakson Group, is Pakistan’s first of its kind. The service aims to simplify the financial world and make it more accessible for the underbanked population. The company has partnered with leading banks and aggregators to provide a convenient platform for customers. Moreover, customers can create a digital wallet on their mobile phone in minutes. This will allow them to transfer money to a partner or pay bills.
The country’s massive unbanked population presents a huge market for NayaPay. According to the World Bank, over 50 million adults in Pakistan do not have a bank account. Additionally, only 33% of women have a bank account. Another advantage of Pakistan’s market is the large proportion of millennials and tech-savvy young people.
The startup has raised USD 13 million in seed funding, which aims to serve the country’s unbanked and underbanked populations. The seed round was led by Zayn Capital and MSA Novo. Other investors included Graph Ventures and Empower Finance CEO Warren Hogarth. The funds will help NayaPay to launch a multi-service messaging app, as well as financial management tools and payment acceptance tools.
It will offer savings, investment and lending services
As a payment app, NayaPay aims to offer users a one-stop-shop for all their financial needs. Its beta version was launched last year, and users can use it to pay bills and manage their finances. They also have the option to make payments in stores that accept it. They can also chat with other users of the app. Users are issued with a Visa debit card to access their account.
While the overall level of financial inclusion in Pakistan is low, there is a high number of SMEs that are underserved. In the future, NayaPay intends to integrate its own business SaaS platform to give SMEs financial management capabilities. It is also planning to integrate more sophisticated fintech products like small-scale loans and investment tools.
Currently, the company has raised $13 million in seed funding. This will help it continue its expansion to small business and consumer services. It also plans to provide an universal payment acceptance platform for small businesses to use. The company is also developing a suite of tools to help small businesses and consumers manage their finances.
JS Bank and NayaPay have also entered into a partnership that will help their customers make digital payments in Pakistan. This will allow customers to link their JS Bank accounts with NayaPay wallets and make payments to verified merchants and people. Customers can also load their NayaPay wallets using their JS Bank online banking portal or their mobile app. They can also make deposits and withdrawals at any of JS Bank’s branches.
In addition to payment acceptance and messaging, NayaPay will offer a financial management solution for businesses in Pakistan. Its super-app can send and receive money, split bills, and issue virtual and physical Visa cards linked to the NayaPay wallet. It will also allow businesses to accept payments using digital terminals.
It will host other providers’ apps on its platform
The company plans to provide financial services to Pakistanis in a variety of ways. The first is through its e-money service, which can be used to purchase products from Pakistan’s market or pay bills. It can also be used for other financial services, such as lending and savings. NayaPay plans to partner with other financial services providers, such as banks, to expand its services.
The company is headed by founder and CEO Naya Lakhani, who has experience in developing businesses in Pakistan. He was previously the CEO of Cybernet, the largest internet service provider in Pakistan. He was inspired by the Chinese super applications and decided to build a similar platform to serve consumers in Pakistan.
NayaPay is partnering with a number of financial service providers in an effort to expand its reach and reduce the cost of using digital payments. It plans to offer a free mobile application to allow users to connect their bank accounts. By offering this service, the company hopes to attract small traders.
NayaPay will host other payment apps on its platform. The startup is aiming to provide financial services to small businesses and consumers in Pakistan. Its super-app will allow consumers to send and receive money, split bills, and make payments from anywhere in the country. The company will also provide virtual and physical Visa cards linked to its wallet.
NayaPay is looking to capitalize on Pakistan’s unbanked population. According to World Bank research, over fifty million adults in Pakistan are not banked, with only 33% of women holding a bank account. It’s an important market for NayaPay, as the country’s population is mobile-first and contains a large proportion of millennials and young adults.
