Faysal Bank has joined hands with NayaPay Pvt. Ltd. as one of its partner banks. The two organizations signed a Memorandum of Understanding (MoU) in Karachi.
As an Electronic Money Institution (EMI), NayaPay will enable users to open E-money accounts and make digital payments to each other and to businesses conveniently. This collaboration will enable Faysal Bank customers to make payments to merchants through NayaPay’s EMVCo. QR codes using the Faysal digibank app. Customers will also be able to load and withdraw from their NayaPay accounts easily.
Dato’ Arif Siddiqui, Chief Digital Officer, Faysal Bank said: “NayaPay is one of the forthcoming fintechs in Pakistan which promises to be a successful EMI under the new regulations set forth by State Bank of Pakistan. We at Faysal Bank are excited to be partners with NayaPay and look forward to support them in their journey to digitize payments in the country.”
Speaking at the signing ceremony, Mr. Danish Lakhani, CEO NayaPay, said: “NayaPay is developing an indigenous digital payments platform with a network of partnering banks to provide our collective customers with immense value and convenience. We look forward to building upon our relationship with Faysal Bank and enabling access to financial services for various segments of Pakistani society.”