Fintech SadaPay launched its digital wallet and numberless debit card under the supervision of the regulator. It employs a ‘neobank’ business model, using the Electronic Money Institution license framework, recently released by the State Bank of Pakistan.
Since the beginning, SadaPay has collected $9.3 million. The Chief Executive Officer of SadaPay, Brabdon Timinsky is of the strong opinion that Pakistan has a progressive regulator, a growing middle class, increasing number of smartphone users with the majority of youth. He is of the view that keeping in mind all these factors, it cannot be denied that Pakistan is going to be one the best country for emerging Fintech.
The company will take the advantage of about one million smartphones coming online in the country every month through its mobile app which allows users to sign up for a wallet account within two minutes and start using a SadaPay Virtual MasterCard. SadaPay is directly connected with NADRA which can very any Pakistani’s identity from all over the world, including those 15 million Pakistanis, living abroad.
Here the users are offered a free physical debit card that is shipped from anywhere in the country within two days and allows three free cash withdrawals per month at any ATM in the country. The company had started working first in the Middle East and Africa. SadaPay has integrated with the local banking switch to facilitate free bank transfers.
The business model has been designed in such a way that it eliminates the complexity of traditional banking through modern technology and a better customer experience and free of cost too. State Bank of Pakistan is formalizing its own framework for a digital bank license, which SadaPay hopes to adopt soon.
The CEO of SadaPay says that working with such forward-thinking regulators at the Central bank of Pakistan and collaborating with the Payment System Department has been a great experience. As the consumers’ demand moves up, the funding will allow the Islamabad-headquartered Fintech to further expand its operation.