The State Bank of Pakistan (SBP) has awarded a commercial license to the Chinese Electronic Ecommerce Company (CMPECC), an Electronic Money Institution (EMI), which has recently begun its operations and services in its selected markets in Pakistan. This new Chinese EMI will be launched with the ambition of transforming the digital financial space.
The Chinese EMI Will Use the Commercial License to Launch Digital Wallet in Pakistan
With the awarding of the new commercial license, the company is poised to engrave its niche in the Pakistani mobile payments market by offering its users great value and addressing current gaps in Pakistan’s mobile payments space. It will launch Digital Wallet Accounts where customers will be able to pay their utility bills, mobile top-ups, transfer money, deposit and withdraw cash, and purchase e-tickets, etc. from their mobile phones.
Finja and Nayapay Have Nicely Established Their Presence in Pakistan
Furthermore, according to the SBP, a new EMI, M/s CMPECC, was granted a commercial license in Q1-FY22, which will drive the digital payment landscape further, while the existing two EMIs, namely M/s Finja and M/s Nayapay, have also continued to strengthen their presence. As more such players enter the market, the objective of improving financial inclusion will also increasingly materialize.
As many as 11 EMIs are exploring the Pakistani market. Out of these, four EMIs kicked off their commercial services, two of these were given pilot approval for the services, and five operators were given in-principle approval by the regulator.