SadaPay has announced that the State Bank of Pakistan (SBP) has awarded it in-principle permission for an Electronic Money Institution (EMI) licence. This permission enables SadaPay to prepare its operations for the pilot phase, during which the digital wallet will be provided on a restricted scale and will be supervised by the regulator.
Brandon Timinsky, an American serial entrepreneur, started the firm after his last venture in the United States was bought. Timinsky has spent the last year assembling a team of banking professionals, liaising with regulatory authorities, and laying the groundwork for a "digital first" financial institution in Pakistan. Dr. Waqar Masood Khan, former Finance Secretary of Pakistan, has joined SadaPay as Chairman of the Board.
Pakistan is currently the world's fifth most populated country, with over 76 million 3G/4G customers and approximately 1 million new smartphone users joining the ranks each month. With the COVID-19 epidemic, internet use is only increasing, and more individuals are turning to digital alternatives for everyday payments. This opens up a huge possibility for SadaPay not just in Pakistan, but also in a number of other regional countries where the team aims to grow.
In both Urdu and Arabic, "sada" means "simple." SadaPay's objective is to eliminate the costs and hassles associated with traditional banking through a streamlined digital-first experience. SadaPay provides a smartphone-based digital wallet, as well as a free Mastercard debit card. When a SadaPay account is activated, a virtual debit card is made available for instant usage. Users may also execute free and quick transfers to any bank in Pakistan, as well as withdraw cash with no fees from any of the 14,500+ domestic ATMs (3x per month). Users may also fill their accounts with cash at any of the country's 30,000+ retail establishments.
Those who have signed up for the waitlist on the website www.sadapay.pk will get early access to SadaPay. SadaPay's product development plan is also heavily influenced by feedback, and they welcome recommendations via email at hello@sadapay.pk.
Download SadaPay App from this link, and you may use code "C49AF" to get your card earlier.