The State Bank of Pakistan (SBP) has granted in-principle approval to Toko Lab Private Limited and Accept Technologies Private Limited (PayMob) to establish operations as an Electronic Money Institution (EMI) and a Payment System Operator (PSO)/Payment Service Provider (PSP), respectively. This approval marks a significant step in expanding Pakistan’s digital payment landscape.
Both Toko Lab and PayMob are now tasked with developing their infrastructure and operational readiness within six months, after which they can apply to the SBP for permission to commence pilot operations. Additionally, SBP has approved HubPay Private Limited to initiate pilot operations as an EMI, following an assessment of its readiness.
Currently, four EMIs—NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies—are in commercial operations. Three EMIs—Wemsol, E-Processing System, and HubPay—are conducting pilot operations, while three others—YAP, Cerisma, and Toko Lab—have received in-principle approval to prepare for pilot operations.
As of September 30, 2024, EMIs in Pakistan have opened 4.2 million wallets, issued 4.6 million payment cards, and held outstanding e-money deposits totaling Rs. 5.7 billion. On a year-on-year basis, e-money wallets have increased by 76.5 percent, card issuance by 41.4 percent, and e-money deposits by 87.5 percent.
During the first three quarters of 2024, from January to September, a total of 82.1 million payments were made through e-wallets offered by EMIs, amounting to PKR 231.9 billion. This represents a significant growth of 117 percent in the number of transactions and 163 percent in transaction value compared to the same period last year, underscoring the rapid expansion and adoption of digital payment solutions in Pakistan.
