SBP Grants Paysa Technologies In-Principle Approval to Operate as EMI

The State Bank of Pakistan (SBP) has granted in-principle approval to another fintech operator, Paysa Technologies. The Electronic Money Institution (EMI) has acquired a license to launch services, including an e-money wallet for consumers and merchants, as well as POS and QR acquiring for relevant consumers. Paysa was established in 2022 as a startup with the aim of providing online payment and e-money solutions to individuals and businesses. Currently, there are four EMI operators with in-principle approval, and one has received permission for pilot operations. Six EMI operators are providing commercial services, while four operators have withdrawn their licenses.