Checkout.com receives initial approval from SBP to operate as a EMI
Checkout Pvt Ltd. has received initial approval from the State Bank of Pakistan (SBP) to operate as an Electronic Money Institution (EMI) in Pakistan.
SBP has clarified that in-principle approvals are granted to EMIs based on the information submitted by them and a review of their application for in-principle approval under regulations for EMIs. It must not be construed as an endorsement of the EMIs proposed business model or financial viability.
Checkout.com is a global payment company that accepts payments in over 150 different currencies. It also supports all major international card schemes, such as Visa, MasterCard, and American Express, as well as other popular alternatives and local payment options. The UK-based company has opened an office in Karachi, Pakistan’s commercial capital.
A Memorandum of Understanding (MoU) was signed in November 2020 between National Institutional Facilitation Technologies (NIFT) and Checkout.com to collaborate on bringing more payment choices to the Pakistani market.
The arrangement allows both firms to deliver payment services using each other’s infrastructure while pursuing commercial prospects in collaboration.
Checkout.com intends to provide a consolidated offering of all major international payment methods and wallets, including PayPal, AliPay, Apple Pay, and Google Pay, allowing merchants to pay and conduct their companies in Pakistan.
Four EMI operators have been functioning in Pakistan, namely NayaPay, Finja, CMPECC, and SadaPay, out of the total 12 EMI operators. Wemsol was granted permission to begin a pilot project of its services, whilst TAG Innovations was urged to limit its operations.