BankIslami Introduces aikPay, Enabling Shariah-Compliant Raast QR Payments in Pakistan
BankIslami launches aikPay, Pakistan’s first Shariah-compliant Raast-enabled QR payment gateway, offering instant, secure, and Riba-free digital transactions for customers and merchants.
Pakistan’s EMIs and the Arithmetic of Payments
Pakistan’s electronic money institutions face structural challenges in a rapidly digitising retail payments ecosystem. High transaction volumes, low wallet retention, and competition from branchless banking and Raast’s instant rails are shaping the survival and consolidation of EMIs, highlighting the intersection of technology, regulation, and financial incentives.
Pakistan Initiates Independent Audit to Strengthen Cashless Economy Transition
The Government of Pakistan has commissioned an independent audit of its nationwide cashless economy program to ensure transparency, measure impact, and enhance digital payment infrastructure as part of its financial inclusion and governance reform agenda.
Pakistan to Route All Government Payments via Raast by FY26 to Boost Digitalisation
The State Bank of Pakistan plans to route all government payments through Raast by FY26, backed by subsidies for merchants and initiatives to reduce cash reliance, boost financial inclusion, and formalize the economy.
PayFast and Askari Bank Collaborate to Drive Raast-Powered Digital Payment Innovation in Pakistan
PayFast and Askari Bank have partnered to launch a Raast-powered white-label checkout solution, streamlining digital payments for merchants and consumers while advancing Pakistan’s vision of a cashless economy.
Government Accelerates Raast Expansion and Digital Economy Drive: PM
Prime Minister Shehbaz Sharif has directed provinces to expand Raast to the district level as part of the government’s drive towards a cashless economy. Plans include digital IDs for all citizens, stronger payment linkages, and expanded fibre infrastructure to accelerate financial inclusion.