SBP has taken significant steps to further enhance the digital payments landscape in the country. The central bank has granted in-principle approvals to Toko Lab Private Limited and Accept Technologies Private Limited (PayMob) to operate as an Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP), respectively.
With these approvals, Pakistan’s digital payment ecosystem continues to expand, offering a wider range of services to consumers and businesses. The newly approved EMIs and PSOs will contribute to the growth of digital transactions, reducing reliance on cash and promoting financial inclusion.
The SBP has also granted approval to HubPay Private Limited to initiate pilot operations as an EMI. This development further strengthens the country’s digital payment infrastructure and provides additional options for consumers and businesses.
As of September 30, 2024, the total number of e-money wallets issued by EMIs has reached 4.2 million, with 4.6 million payment cards in circulation. The total outstanding e-money deposits amount to Rs. 5.7 billion. These figures demonstrate a significant growth of 76.5%, 41.4%, and 87.5%, respectively, compared to the previous year.
In the first nine months of 2024, a total of 82.1 million payments were made through e-wallets, amounting to Rs. 231.9 billion. This represents a substantial increase of 117% and 163%, respectively, compared to the same period in the previous year.
The SBP’s proactive approach in licensing new EMIs and PSOs is driving innovation and competition in the digital payments industry, ultimately benefiting consumers and businesses.
