The Policy Paper titled “Boom of Fintech in Pakistan and the Role of RAAST,” developed during a multi-stakeholder roundtable at ITCN Asia 2025 in Karachi, is now available on the P@SHA website, offering detailed insights into the evolving fintech landscape in Pakistan. The paper examines how Raast, initially designed as a simple instant transfer system, can emerge as the central infrastructure for the country’s digital economy. By focusing on strategic policy reforms, merchant enablement strategies, and practical steps for scaling fintech adoption, the report provides a roadmap for stakeholders to strengthen Pakistan’s financial ecosystem. It emphasizes the need for coordinated efforts between regulators, financial institutions, fintech startups, and technology providers to drive inclusion, increase transaction volumes, and enhance digital payment penetration across urban and rural areas.
The document highlights key challenges that the fintech sector currently faces, including limited merchant adoption, fragmented regulatory frameworks, and gaps in public awareness of digital payment solutions. It recommends actionable measures to address these hurdles, such as incentivizing merchants to adopt digital payment systems, integrating digital wallets with Raast, and leveraging technology for real-time settlement and reconciliation. By outlining clear mechanisms for regulatory support and ecosystem collaboration, the paper envisions a future where Raast functions as a backbone for seamless, secure, and efficient transactions, ultimately increasing trust in digital financial services among consumers and businesses alike.
Further, the policy paper explores the role of fintech in promoting financial inclusion and supporting micro, small, and medium enterprises by providing accessible payment solutions. It emphasizes the importance of building scalable systems, offering low-cost transaction options, and integrating analytics to better understand consumer behavior. With Raast at the core, these measures can help transform the financial landscape by reducing reliance on cash, improving transparency, and fostering innovation in banking and non-banking sectors. The report also stresses the significance of training, awareness campaigns, and capacity-building programs to ensure that both merchants and consumers can effectively participate in the digital economy.
Acknowledging the contributions of key stakeholders, the paper extends appreciation to Ali Janjua for moderating the ITCN Asia 2025 session and providing valuable inputs for its development. By presenting a comprehensive policy framework, the document serves as a reference for regulators, fintech companies, and technology providers seeking to leverage Raast for national economic growth. With a clear focus on actionable recommendations, scalable solutions, and collaborative strategies, the policy paper positions Pakistan’s fintech sector to take full advantage of emerging opportunities while addressing structural and operational challenges in digital payments.
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