PHOTO: REUTERSWith the world rapidly moving from cash and credit payments to cryptos and e-money, Pakistan may have a way to go on the digital payments’ front and it has certainly started its journey. In a bid to further its goal of digital payments and financial inclusion, the State Bank of Pakistan (SBP) granted approval to a number of Pakistani fintech start-ups over the past months. EMI licence is primarily for entities that have a captive consumer market like in the case of e-commerce marketplaces, ride-hailing services, etc that want to diversify the service set and provide financial services to those consumers. “What we definitely need is an interoperable digital financial ecosystem, where each and every service can be accessed from anywhere. Akhtar said that most of the government departments are not connected with banks on modern digital financial rails, which can be facilitated by the government.

Source: The Express Tribune November 18, 2020 02:37 UTC