NayaPay in Pakistan is a digital wallet and fintech app (called an Electronic Money Institution – EMI) that lets you manage money directly from your phone without needing a traditional bank account.
Small business in Pakistan are now using NayaPay for their business transactions and the digital payments definitely helps in scaling the business and grabbing the untapped opportunities.
Small business have seen significant growth by the option of digital wallets. Cash on Delivery also known as COD is considered risky by some customers as well as the busniesses. Setting up merchant account is complex in Pakistan and it requires lengthy documentation. One of the biggest advantage of NayaPay is instant funds tranfer. Small businesses often operate through Instagram handles, WhatsApp, or TikTok shops without formal websites. COD in Pakistan has grown but it comes with lot of refund and order cancellation ratio. Free lancers and Solopreneurs are also using NayaPay for their services and to take payments from clients. Payments are received instantly and orders are confirmed instantly by online businesses.
One of the most important contributions of NayaPay is financial inclusion. A large portion of Pakistan’s population remains underbanked or unbanked, especially small entrepreneurs operating without registration. The digital wallet system helps to track the bracket and the number of businesses operation in Pakistan. It helps to bring businesses in the financial eco system. The digital wallets are playing a vital role in shaping the future of commerce in Pakistan.