Payment Systems

 Electronic Money Institutions:

In the year 2019, State Bank of Pakistan, with the objective to promote digital payments, foster innovation in payments industry, increase financial inclusion in the country and provide Regulatory framework to non-banking entities in payments landscape, issued Regulations for Electronic Money Institutions (EMIs) under the powers conferred on it by Payment Systems and Electronic Fund Transfers Act, 2007.   

The EMIs are entities that offer innovative, user-friendly and cost effective low value digital payment instruments like wallets, prepaid cards, and contactless payment instruments. e-money has played a crucial role in digitizing different types of payments in various countries. The EMIs in Pakistan are expected to offer interoperable and secure digital payment products and services to end users.

Under the Regulations, Prospective EMI applicants are granted EMI license in three stages viz In-Principle approval, approval for Commencement of Pilot Operations and the Final Approval i.e. License.
Following list shows the details of EMIs licensed by SBP under the Regulations for EMIs.

Link on List of EMIs  

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