NayapPay is a new Electronic Money Institution (EMI) of Pakistan. This NayaPay is a new innovation in the field of Information Technology in Pakistan. Many people are admiring this initiative of e-money in Pakistan. This e-money service is the first digital money service in Pakistan. NayaPay, like many other e-money services in the world, will work to facilitate the user in their digital transactions. NayaPay will operate as PayPal in the world, PayTm in India and bKash in Bangladesh.
Pakistan is progressing rapidly in the field of Information Technology. Every other day there comes to new innovation. In this scenario, the first-ever Electronic Money Institution (EMI) of Pakistan is going to start its operations in the country. This service will be called “NAYAPAY”. It is considered a magical step as it got approval from the State Bank of Pakistan under AML and CFT guidelines. The government of Pakistan is also supporting this EMI service. The CEO of NayaPay Danish Lakhani says “NayaPay digital payments platform will bring greater transparency to the economy”.
In this article you’ll learn:
So, let’s start with the first point which is:
What is NayaPay (EMI) Service?
E-money is that kind of money you cannot touch by hands. It is operated by a mobile or computer. That is why it is also called digital money. You can buy any product Pakistani or international market. You can pay your mobile bills, electricity bills and also your university fee and many other similar payments. Before NayaPay you have to do payment by going a hectic payment method which is paid by yourself by going into the bank.
The biggest benefit of NayaPay will be an e-money account of your own. You can open and close it whenever you want to.
Benefits of NayaPay
The world is moving very rapidly toward the e-money system. NayaPay Pakistan’s First EMI Service is giving them many benefits. Hard cash is considered tough to carry. This was the reason that Credit and Debit cards were introduced so that nobody has to pay a large amount of money by carrying it with them. The biggest benefit of NayaPay is that you will have your own e-money account. NayaPay will give you freedom from carrying these Credit and Debit cards. You can do any digital transaction just by using your mobile phone.
NayaPay will be connected to 1 link network and this will give you the ease of getting cash from any ATM nearby you. NayaPay will also allow you to connect your bank account. The small traders, vendors and small shops holder are the main beaneries of NayaPay. NayaPay will be a mobile-based application and it will prove a very low cost and more efficient service.
The NayaPay has signed MOUs with Meezan Bank and PakPay 1 link network for giving the users more ease with digital transactions.
PayPal is the world-renowned e-money provider in the world. As many of you knows that PayPal service is ban in Pakistan. The major disadvantage of PayPal is faced by the Pakistani Freelancing community and to those who have their online businesses in the world but they cannot use PayPal. NayaPay is a good initiative for these people.
NayaPay Pakistan’s First EMI Service along with other many EMI services available in the world such as PayTM in India, bKash in Bangladesh aims to facilitate the end-user. More of these are Amazon Pay, AliPay, Google Pay and many more. The main objective of all these services is to facilitate the user with hassle-free transactions.
How it is different from JazzCash and EasyPaisa
JazzCash and EasyPaisa are money transferring services and not the Electronic Money Institutions (EMI). You can send payments from one place to receive on the other place. Whereas the NayaPay is a complete Electronic Money Institution (EMI) of Pakistan or in other words a completely digital money solution. It is low cost and more effective and a secure service then others.
The example of its security is that whenever you bought a product using NayaPay, NayaPay will hold that amount until you received that product and allow NayaPay to pay that amount to the seller. Similarly, when you buy a product from Alibaba.com they hold that amount in its escrow until you ask Alibaba to send pay the money to the seller. These are a few things that differentiate this NayaPay from JazzCash and Easypaisa.
What benefits it will give to the Economy of Pakistan
NayaPay will provide clear transparency in many national and international transactions. When there is transparency in transactions than to do corruption of money laundering becomes tougher than before. The government said that after launching the NayaPay service the government allows different payments through NayaPay. The State Bank of Pakistan may release some amount of Rupees directly in NayaPay to regularize e-money in the country. The main objective of the government behind launching this EMI service is clear transparency in all transactions. NayaPay is launched under AML and CFT guidelines of State Bank of Pakistan. AML stands for Anti-Money Laundering and CFT stands for Combating the Financing of Terrorism.
You can also learn about the benefits of the new FBR Tax Asaan App here.
So these are some benefits of NayaPay Pakistan’s First EMI Service. Must give your feedback in the comment section below that what is your opinion about the new innovation of Pakistan.