BankIslami has launched aikPay, Pakistan’s first Shariah compliant Raast enabled QR payment gateway, designed to facilitate seamless real time digital payments for customers and merchants. Built on the infrastructure of State Bank of Pakistan’s Raast system, aikPay allows users to pay instantly from their bank accounts using dynamic QR codes, while enabling merchants to receive payments securely through a smooth, card free checkout process. The initiative represents a step forward in supporting Pakistan’s growing digital economy by combining convenience, security, and Shariah compliant banking practices.
The launch event included a focused engagement session with representatives from SBP and Raast, including Muhammad Imaduddin, Director of Digital Innovations and Settlement at SBP, and Ahson bin Saeed, CEO of Raast Payments Pakistan. BankIslami’s senior management team, including Sohail Sikandar, Chief Operations Officer, and Ashfaque Ahmed, Chief Officer of aik, attended alongside other team members to discuss the potential of Raast enabled payment solutions in transforming digital transactions. During the session, discussions focused on the interoperability of Raast QR payments, real time settlement, and how aikPay can drive adoption of digital payments across both retail and institutional segments.
Ashfaque Ahmed, Chief Officer of aik, highlighted the growing importance of digital payments in daily life, noting that technology adoption is reshaping financial transactions. He stated that aik remains committed to promoting Riba free digital banking while supporting Pakistan’s national push toward a digital economy. According to Ahmed, aikPay is designed to simplify everyday payments, ensuring that both customers and merchants experience faster, more secure, and seamless financial interactions. The platform leverages Raast infrastructure to enable instant transaction confirmations, while offering a competitive merchant discount rate that makes it attractive for small and medium enterprises, online businesses, and government institutions.
Through aikPay, customers can shop online or make payments using any Raast enabled mobile banking application, with the added benefit of instant confirmation and a card free checkout. Merchants can access a wider nationwide reach, enjoy real time settlement that improves cash flow, and adopt a low cost payment acceptance model suitable for various business sizes. Officials from BankIslami emphasized that the scalable nature of aikPay positions it as a practical solution for SMEs and online businesses seeking to leverage digital payments, while also supporting institutional and government collections. The launch of aikPay underscores the growing collaboration between fintech innovators and national payment infrastructure, aiming to advance digital adoption and strengthen Pakistan’s cashless economy.
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