SBP grants in-principle approval to Toko Lab, PayMob for payment services

News Image

By MG News | November 06, 2024 at 11:13 AM GMT+05:00

0:00

November 06, 2024 (MLN): The State Bank of Pakistan (SBP) has given in-principle approval to Toko Lab Private Limited and Accept Technologies Private Limited (PayMob) for establishing as an Electronic Money Institution (EMI) and Payment System Operator (PSO)/Payment Service Provider (PSP) respectively.

The EMI and PSO/PSP will now develop their infrastructure and readiness within 6 months for applying to SBP for permission to initiate pilot operations.

SBP has also granted approval to HubPay Private Limited for initiating pilot operations as an EMI after assessing its readiness to initiate pilot operations.

Now, four (04) EMIs namely NayaPay, Finja, SadaPay, and Akhtar Fuiou Technologies are in Commercial Operations, three (03) EMIs namely Wemsol, E-Processing System, and HubPay are in pilot Operations, whereas three (03) EMIs namely YAP, Cerisma, and Toko Lab have in-principle approval for establishing their readiness for pilot operations.

As of September 30, 2024, EMIs have opened 4.2 million wallets, issued 4.6m payment cards, and have outstanding E-money deposits of Rs5.7 billion.

On a year-on-year basis, the e-money wallets have increased 76.5 %, cards issuance by 41.4 %, and e-money deposits by 87.5%.

Further, during the first three quarters i.e. Jan to Sep of 2024, a total of 82.1m payments were made through E-wallets offered by EMIs amounting to Rs231.9bn, showing a significant growth of 117% and 163% respectively as compared to the corresponding period in last year.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg