The State Bank of Pakistan (SBP) has granted in-principle approval to M/s Toko Lab Private Limited and M/s Accept Technologies Private Limited (also known as PayMob) for establishing themselves as an Electronic Money Institution (EMI) and a Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. Both entities are now tasked with developing their infrastructure and operational readiness over the next six months in order to apply for permission from the SBP to begin pilot operations.
Additionally, the SBP has also granted approval to M/s HubPay Private Limited to initiate pilot operations as an EMI after evaluating the company’s preparedness. As of now, four EMIs — M/s NayaPay, M/s Finja, M/s SadaPay, and M/s Akhtar Fuiou Technologies — are fully operational in the commercial sector. Meanwhile, three EMIs, including M/s Wemsol, M/s E-Processing System, and M/s HubPay, are currently conducting pilot operations. Another three EMIs, namely M/s YAP, M/s Cerisma, and M/s Toko Lab, have received in-principle approval from the SBP to finalize their readiness for pilot operations.
As of September 30, 2024, the EMIs collectively have opened 4.2 million digital wallets and issued 4.6 million payment cards. Additionally, the outstanding e-money deposits have reached PKR 5.7 billion. Comparing year-on-year data, the growth in e-money wallets saw an impressive 76.5% increase, card issuance grew by 41.4%, and e-money deposits saw an 87.5% rise.
Furthermore, in the first three quarters of 2024 (from January to September), a total of 82.1 million payments were processed through e-wallets offered by EMIs, amounting to PKR 231.9 billion. This represents a substantial year-on-year growth of 117% in payment volumes and 163% in transaction amounts, reflecting the significant expansion and adoption of digital financial services in Pakistan.