State Bank of Pakistan’s Raast P2M service is making it easier for businesses to accept digital payments. This system allows customers to pay with QR codes, Raast Alias, IBAN, and request-to-pay options, reducing reliance on cash and offering convenience, security, and ease of transactions.
To further accelerate adoption, Karandaaz Pakistan is partnering with the SBP on a pilot program targeting smaller retailers (tier 2 & 3). This initiative aims to address challenges faced by these merchants and establish a cashless ecosystem at retail outlets.
Pakistan’s Raast system has already played a role in transforming merchant payments by allowing customers to use Raast IDs, IBANs, QR codes, and even USSD for transactions.
ADMAA Retail Enablement Services (A.R.E.S), known for its work in digital financial inclusion for merchants, has been selected to implement this pilot program. They will receive a grant to onboard retail merchants onto Raast and drive digital payment adoption at retail locations.
A.R.E.S is already working with major banks and fintech companies to onboard and activate merchants, leveraging their experience in retail management. This grant will further support their efforts, increasing the number of merchants accepting digital payments and boosting transaction volumes processed through Raast.
This initiative signifies Pakistan’s commitment to promoting a cashless society and financial inclusion through digital payment solutions.
