Pvt. Electronic processing system The State Bank of Pakistan Ltd. has been granted permission to begin pilot operations as the Electronic Money Institute (EMI).
With this pilot approval, EMI services will be offered under the OneZapp brand. The idea is to bridge the gap between the informal economy and digital financial services by giving small and micro retailers access to the most popular use cases, helping boost Pakistan’s mass unbanked consumption. to be able to provide services to OneZapp plans to add many new features and more use cases in the future. OneZapp’s pilot phase is limited to agents, merchants and individuals, with access initially limited to a few thousand. Merchants and agents can accept payments directly from their customers or from other digital wallets in the country. In addition, it offers a variety of digital financial services, such as utility bill payments and cell phone recharges, to the unbanked and tech-savvy population.
Individuals can also use apps to run similar services from their smartphones. E-Processing Systems is a subsidiary of Systems Limited supported by partners worldwide including Bill & Melinda Gates Foundation, International Finance Corporation (World Bank Group), Sarmayacar and Shorooq Partners.
OneZapp plans to address this issue as it expands its dealer network across the country, despite the recent surge in fintech activity in Pakistan. About 16% of the adult population does not have access to formal financial services, and this is the problem OneZapp is trying to address.
OneZapp’s future product strategy is to evolve, innovate and simplify. The company plans to expand the app’s use cases to include debit cards, government payments, education payments, donations, liquidity solutions, and more, eventually reaching the commercial stage. With its innovative features and associated use cases, OneZapp is expected to play an even bigger role in improving financial inclusion in Pakistan as it moves forward.