In a strategic development for Pakistan’s fintech ecosystem, PayFast, a State Bank of Pakistan-licensed fintech, has partnered with Askari Bank to introduce a white-label checkout solution powered by Raast, the country’s instant and interoperable payment system. The collaboration is designed to make digital transactions faster, safer, and more accessible, supporting the ongoing drive toward financial inclusion and a cashless economy.
The signing ceremony was held at Askari Bank’s Digital Innovation Lab at NSTP, NUST in Islamabad, bringing together leadership from both institutions to mark the beginning of this transformative initiative. By combining PayFast’s technological expertise with Askari Bank’s strong market presence, the partnership is positioned to reshape how businesses and consumers interact with digital payments in Pakistan.
Through this collaboration, Askari Bank will deploy a fully branded digital checkout solution built on PayFast’s infrastructure. The platform is tailored to simplify online payments, enhance operational efficiency for merchants, and reinforce Askari Bank’s digital identity. For consumers, the white-label solution ensures seamless, secure, and efficient transactions, addressing long-standing barriers to digital adoption in retail, services, and e-commerce.
Central to the partnership is the integration of Raast, Pakistan’s national payment system that enables real-time, account-based transfers. By embedding Raast into the checkout experience, the platform will facilitate Person-to-Merchant (P2M) payments that are quick, cost-effective, and secure. This not only creates a more reliable payment environment for businesses but also empowers consumers by providing them with a safe alternative to cash-based transactions.
The initiative directly aligns with the government’s agenda for building a cashless Pakistan. With digital financial inclusion recognized as a cornerstone of economic growth, the partnership demonstrates how collaboration between banks and fintechs can accelerate the transition toward an inclusive and modern economy.
Adnan Ali, CEO of PayFast, emphasized the significance of the collaboration, stating that enabling Raast within Askari Bank’s white-label solution demonstrates the commitment to providing local solutions for local needs. He highlighted that the partnership will empower institutions and strengthen trust in digital transactions while creating meaningful impact for businesses and consumers alike.
Adding to this, Mahwish Saad Khan, Chief Business Officer at PayFast, described the agreement as an important milestone in PayFast’s journey to provide institutions with modern digital infrastructure. She noted that Raast integration ensures Askari Bank remains at the forefront of digital transformation by offering innovative payment solutions to its customers and merchants.
From Askari Bank’s perspective, Chief Information Officer Ali Naqvi highlighted that the white-label application is more than a technical upgrade. With features such as Raast merchant onboarding, an internet payment gateway, and e-invoicing, the solution is set to strengthen Askari Bank’s presence in retail, wholesale, and e-commerce sectors. He described it as a step toward empowerment, inclusion, and accelerated growth within Pakistan’s evolving digital economy.
This partnership between PayFast and Askari Bank reflects the growing synergy between fintech innovators and established financial institutions in Pakistan. By leveraging Raast’s infrastructure and offering customized solutions, the initiative will set new standards in payment innovation while contributing to the broader goal of building an efficient, inclusive, and cashless financial ecosystem.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.