In a significant stride toward promoting digital financial inclusion in Pakistan, Faysal Bank has rolled out Raast QR payments across major Mandis in the country just in time for Eid. This initiative presents consumers with a safer, faster, and entirely cashless way to pay during one of the busiest shopping periods of the year.
The implementation of Raast QR payments at Mandis marks a new chapter in Pakistan’s ongoing transition toward digital financial services. With millions of people visiting Mandis during Eid for their shopping needs, this move aims to enhance the convenience, security, and efficiency of payment transactions. Customers can now simply scan a QR code to make an instant payment, eliminating the need for physical cash exchanges.
Raast, Pakistan’s first instant payment system developed by the State Bank of Pakistan, was designed to enable real-time transactions between individuals, businesses, and government entities. The QR code functionality is a part of the Raast infrastructure, aiming to empower users with secure and convenient digital payment options.
Faysal Bank’s deployment of this system across Mandis supports the broader objective of financial digitization and reflects its commitment to bringing innovation into everyday consumer banking. As digital transactions gain traction among merchants and shoppers alike, the initiative will likely contribute to a more inclusive digital financial ecosystem in Pakistan.
This development not only benefits consumers but also supports small-scale merchants operating in Mandis who often face challenges in handling cash. By adopting Raast QR, these merchants can receive payments directly into their bank accounts in real-time, enhancing transparency and reducing the risks associated with physical cash handling.
In tandem with this initiative, the State Bank of Pakistan has introduced a comprehensive complaint resolution portal to support users of digital financial services. The portal, accessible at https://sunwai.sbp.org.pk/, allows individuals to lodge complaints regarding any issues they face in their digital banking experiences. A mobile application for the platform is also available on both Google Play Store and Apple’s iOS App Store.
To assist users in navigating the complaint process, the State Bank has also released a tutorial available at https://lnkd.in/ddNvB2Yc. This ensures that even first-time digital users can seek help with confidence, making the ecosystem more user-friendly and accessible.
The combination of Faysal Bank’s adoption of Raast QR payments and the State Bank’s user support infrastructure reflects a focused effort by financial institutions to promote digital financial services and financial literacy across Pakistan. As more consumers and merchants experience the benefits of seamless, real-time, and secure transactions, the long-term impact on Pakistan’s financial ecosystem is expected to be transformative.
With digital finance becoming an integral part of everyday transactions, initiatives like these pave the way for a more connected and efficient economy.