Sadapay is an upcoming digital wallet that provides international digital payment solutions. They have been granted an “in-principle” approval for the Electronic Money Institute (EMI) license from State Bank of Pakistan; this will allow them to operate as a digital wallet.
They aim to increase financial inclusion and disrupt traditional banking through its mobile-first approach that makes it easier for users to sign up and make transactions. You also get a Sadapay Mastercard that can be used anywhere in the Mastercard network i.e 210 countries.
How It came to be
Brandon Timinisky, founder and CEO, ventured into the Pakistani market to create Sadapay after his last startup – Gasninjas- was acquired in the US. He’s been accompanied by the Pakistani banking industry specialists. Some renowned board members include Pakistan’s former finance secretary, Dr, Waqar Masood Khan, Abdul Qadir Khan from Bank Alfalah as Chief Compliance and Risk Officer, and Omer Salimullah from JS Bank as Chief Operating Officer.
In essence, Sadapay is like a “Neobank”, meaning it has no physical branches and solely operates digitally. This leaves them with a less operational cost. Therefore, they can provide more benefits to their customers.
Sadapay is also the first digital payment provider that is affiliated with Mastercard.
Pakistan is a rapidly evolving market which currently houses one of the largest population of young people in the South Asian region, and we know that they’re increasingly looking for more tech-savvy and advanced digital payment options that meet their everyday needs. says Khalid Elgibali, a Mastercard’s representative.
Our exclusive partnership with SadaPay showcases our commitment to enhancing the country’s digital payments infrastructure and to paving the way to a more inclusive society that serves a much wider array of consumer segments.
The Registration Process
As the name suggests, they really have made the whole dreary procedure of creating an account to making transactions very “Simple”.
All you need is a picture of your ID card, a selfie, phone number, and a few minor details. You’re good to go in 3 minutes, at most. A Knife through butter!
No minimum deposits or filling out forms etc.
You can cash-in through their 30000+ local vendors and also withdraw money to your bank account.
Solutions It will provide
SadaPay found a gap in the conventional banking system. More than 160 million Pakistanis own a cell phone yet there are less than 20 million unique bank accounts. They made a system designed for the specific needs of an average Pakistani.
Of course, this is not something new. But this level of a cost-effective solution has never been introduced before.
The –free Mastercard debit card can be used for international transactions – Netflix, HBO, Aliexpress, Amazon, etc – but simply have to enable that option from the app. It is accepted by 30 million merchants over the world and receives payments from 45 countries
Here are some unique features of Sadapay.
- Sadapay only charges 1.5% foreign transaction fees while local banks generally charge 3%
- You also get 3 free cash withdrawals from any ATM
- No fee for inter-bank or wallet transactions under 10000PKR but above this limit 8pkr will be charged. Still, this is cheaper than the standard local rate which is 18 and 45pkr per cash withdrawal and transaction respectively.
- No monthly or annual charges too.
- The monthly deposit limit will be RS 50k for a regular account. Upon biometric verification, they will offer merchant account to freelancers which provide up to RS 500k deposit limit per month.
- Another specialty of their debit card is that they will be numberless. All the info is saved inside the app ensuring another layer of protection.
Pakistani’s love saving money whenever they can. Sadapay hit the mark with that.
All these features allow a layman to avail these financial services by using a mobile phone. They have ended the transactional fees which save a lot in itself, furthermore, in traditional banking there is bad customer support and technical jargon. Banking is already very complex and local banks made it even more of a hassle to deal with all that goes in. Sadapay wants to bring clarity in payments and related processes.
Sadapay is point and shoot.
One feature that I found practical is you can disable your card from the app in case it gets lost and if it’s stolen then disable it permanently through the app. They will happily send you a new one for free, which arrives in just 1-2 business days. This card is valid for 5 years and the first replacement is free, then it is only RS 500 if you need a new one. So, if you don’t lose your card, you don’t pay for a new card for 10 years!
All the main card controls are inside the app, you don’t even have to interact with anyone but if you do, then their customer support is always available via live chat.
How is it different from the competitors
Easypaisa, Simsim, and JazzCash already provide digital payment solutions in Pakistan. They have a huge market share and penetrating would be tough. But Sadapay has leverage over them due to its small size. They can offer greater value to their users while still maintaining profits margin.
Sadapay has the potential to revolutionize digital payments in Pakistan mainly due to its seamless registration process and low rates.
If we compare features then Sadapay leaves the competition behind a long way.
- Easypaisa had a partnership with Mastercard in the past but they took it down due to regulation issues.
- Paypak has a card network like Mastercard but it only works in Pakistan.
- Simsim and JazzCash charge higher fees as compared to Sadapay.
Mobile banking is being rapidly adopted in Pakistan. All these companies can cater to the needs of their specific customer base.
Potential for growth
We are launching SadaPay with a commitment to solve deep-rooted problems in the payment ecosystem especially for freelancers, who contribute immensely to Pakistan says Brandon, founder and CEO SadaPay.
Pakistan currently ranks as the 4th freelancer market. But there is no practical payment solution for them. Last year, Paypal refused to enter the Pakistani market. Therefore, freelancers were forced to use ineffective solutions like Payoneer. Sadapay supports payments from 45 countries with the lowest forex charge. It is the ideal solution for receiving payments from clients.
Freelancers will have the ability to register a merchant account that will give them additional features like accepting credit card payments from clients around the world.
Sadapay is friendly for masses and created with their needs in mind. It can convert the unbanked population into the documented economy and increase financial literacy among the masses.
Sadapay is an all-in-one solution for digital payments. They are set to issue 3million cards in the next five years. We wish them the best of luck in this endeavor.