What is Nayapay? Digital Banking Transformation in Pakistan

As spread of worldwide Covid-19, online transactions and digital banking are presently turning into a standard for the Pakistanis as the nation saw a solid development in such exchanges during the second quarter of current financial year 2020-21.

The State Bank of Pakistan (SBP) published its report named “Quarterly Payment System Review” for the subsequent quarter (Oct-Dec) of monetary year 2020-21, which showed a solid development in digital exchanges in Pakistan.

But Pakistani’s always faced a problem while world is Rapidly growing. Digital banking was never very easy for many Pakistani’s.

In Pakistan E banking has started taking of in recent years. E-commerce task force has been formulated and the Banks have expanded their online branch networks. In the past 2-3 years Banks have also launched Internet Banking and the internet banking is now improving with more sophistication and services for corporate banking customers.

In Pakistan initially the internet banking was launched to provide a limited number of services but in recent years there has been greater understanding and development towards various services being offered by banks through internet banking.

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What is Nayapay?

people who do work online in Pakistan must have the issue of paying their online payments because of the charge card issue thanks to Nayapay a digital banking platform which offers to do all online transactions and give a free visa debit card to their customers which they can use worldwide it has been settled by NayaPay It will fill in as your virtual bank or record.

Pakistan-based fintech platform NayaPay is a leading company that allows resident of Pakistan to send and receive money locally and internationally from anywhere in the globe.

Nayapay has many other options like split bills and make online transactions from your Nayapay visa debit card .

Nayapay is definitely a digital payment revolution in Pakistan. The youth and the people who works as bloggers, freelancer networks in Pakistan are likewise significantly freak out by conventional banks. Around 100 million individuals are unbanked in Pakistan, as per this World Bank report.

The CEO and founder of Nayapay Danish lakhani said”

Students and freelancers are among the most under banked population, and they are our first target market. They find it very difficult to open bank accounts because they don’t have a source of income. Bank compliance departments consider them very high risk, but we see them as a group with the highest lifetime value,” said Lakhani.