Pakistanis can now receive online payments from 45 countries as ‘SadaPay’ – a private company, has secured State Bank’s approval for the licence to establish an Electronic Money Institution (EMI).
According to details, SadaPay will enable its clients including freelancers, to accept online payments from 45 countries around the world.
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People with early access to the platform, can sign up for an account on SadaPay with a selfie, a picture of their ID card, and some basic information without any paperwork.
“We only pass you our cost of 1.5 per cent for foreign exchange when you make non-PKR purchases with your card,” read the statement issued by SadaPay.
SadaPay will act as a digital wallet for merchants, and freelancers and everyone that chooses to benefit from it. The company claims that its Mastercard is accepted online, in-stores, and by 30 million merchants globally.
SadaPay users can perform instant transfers to any bank in Pakistan, and withdraw cash from all of the 14,500 domestic ATMs free of cost (3x per month), with the facility to replenish their accounts from more than 30,000 retail locations across the country.
Expressing his views on the development, Brandon Timinsky – founder and CEO of SadaPay stated, “It’s really amazing to see how committed the State Bank of Pakistan is to adapting to changes in consumer behaviour and advances in technology.”
“We’ve witnessed tremendous progress by SBP with the release of a number of new regulations that are certain to make an incredible impact on Pakistan’s economy by catalyzing the digitization of its financial system,” he added.
Dr. Waqar Masood Khan – Chairman SadaPay, appreciated the central bank’s role in encouraging the user-friendly digital payment system in Pakistan.
“Pakistan would soon be a leading country in digitizing its payment system and SadaPay would play a prominent role to achieve this goal,” he noted.
