Electronic Money Institutions in Pakistan 2025: Regulation, Services & Key Players Explained

Electronic Money Institutions (EMIs) are reshaping Pakistan’s digital payments ecosystem. These non-banking fintech companies offer wallets, cards, remittance, and payment solutions regulated by the State Bank of Pakistan (SBP). With new licensing models and extended services, EMIs are now at the forefront of financial inclusion and digital transformation.

Regulatory Framework for EMIs in Pakistan

The SBP introduced EMI regulations in 2019 under the Payment Systems and Electronic Fund Transfers Act, 2007. A revised framework was issued in June 2023 to expand services and oversight.

Key Updates in 2023:

Increased wallet limits, including for minors
Inward cross-border remittance permissions
Aggregated payments and invoicing
API-based service integrations
Enhanced due diligence and reporting requirements

EMI Licensing Structure

EMI licensing involves four stages:

Stage	Description
Initial Application	Submission of detailed business, financial, and IT plans
In-Principle Approval	Granted by SBP after initial assessment
Pilot Operations	EMI can test services on a limited scale
Commercial License	Full authorization after successful pilot and compliance review

Licensed Electronic Money Institutions in Pakistan (2025)

Commercially Live EMIs

EMI Name	Status	Services
NayaPay	Fully Licensed	Digital wallet, Visa card
Finja	Fully Licensed	SME-focused payments
SadaPay	Pilot Completed	Freelancer payments, Mastercard debit
CMPECC (Zong)	Fully Licensed	Wallet and telecom-linked payments
EPSPL	Fully Licensed	Aggregated payments

In-Principle / Pilot Phase EMIs

EMI Name	Phase
HubPay	Pilot Stage
Wemsol	Pilot Stage
Akhtar Fuiou Technologies	In-Principle Stage
YAP Pakistan	In-Principle Stage
Cerisma Pvt Ltd	In-Principle Stage

Services Offered by EMIs

Service Type	Description
Digital Wallets	Stored-value accounts with QR and mobile transfers
Prepaid Debit Cards	Linked with wallets, usable at ATMs and online platforms
Freelancer Remittances	Instant USD/PKR settlements for overseas earnings
Merchant Payments	Aggregated payments, invoicing, and digital checkout options
API Integrations	Banking-as-a-service for fintech apps and platforms
Escrow Services	For e-commerce and marketplace protection

Market Size and Usage (as of Q3 FY2025)

Metric	Value
Active EMIs	13
Digital Wallets Issued	4.2 million
e-Money Cards in Circulation	4.6 million
Stored E-Money	PKR 5.7 billion
Wallet Transactions (Q1–Q3)	82 million (PKR 231.9 billion)

Challenges Faced by EMIs

Low Average Transaction Value: PKR 2,851 per EMI transaction vs PKR 41,723 for bank apps
Limited Profitability: Due to smaller ticket sizes and limited cross-selling
Regulatory Burden: High compliance costs for emerging EMIs
Bank Dependence: EMIs rely on bank partners for settlements and clearing

Supporting Infrastructure

Platform	Function
Raast	SBP’s instant P2P/P2M payment system
PayPak	Domestic card scheme managed by 1Link
Partner Banks	Required for EMI settlements and storage

Future Trends and Outlook

Digital Bank Expansion: Easypaisa received Pakistan’s first digital retail bank license in January 2025.
New Revenue Streams: EMIs now exploring FX remittances, escrow, and financial product integrations.
Blockchain & Crypto Policy Formation: Pakistan Crypto Council, formed in 2025, is shaping future frameworks.
CBDC Consideration: SBP is exploring Central Bank Digital Currency (CBDC) models.

Conclusion

Electronic Money Institutions in Pakistan are experiencing steady growth, backed by favorable regulations and SBP’s proactive role. With enhanced capabilities, from remittances to integrated APIs, EMIs are not just alternatives to banks—they are driving the next wave of digital financial services in Pakistan. Stay updated with: Bloom Pakistan