In a strategic bid to accelerate the adoption of digital merchant payments across the country, Karandaaz Pakistan has entered into a formal institutional collaboration with the Better Than Cash Alliance, a global partnership hosted by the United Nations Development Programme. To anchor this newly formed international alliance, the organizations are establishing the National Merchant Payments Working Group, which will serve as a multi stakeholder platform engineered to drive the growth of electronic payment acceptance. The operational focus of this initiative is specifically geared toward maximizing transaction volumes handled through Raast, the inclusive instant payment infrastructure developed by the state to modernize the national retail commerce network.
While the local territory has achieved substantial advancements in building out its foundational digital financial infrastructure, most notably marked by the successful rollout of the Raast person to merchant transaction rail, commercial merchant adoption has remained notably uneven across various business sectors. This targeted joint initiative aims to bridge the existing usage gap by systematically reducing the technical and administrative friction associated with merchant onboarding. Additionally, the collaborative framework is structured to resolve deep seated operational bottlenecks while proactively advancing financial inclusion for historically underserved demographics, including women business owners and small scale retail merchants.
Formed under the direct stewardship of the State Bank of Pakistan, the National Merchant Payments Working Group is positioned to act as a neutral industry coordination platform dedicated to advancing the mechanics of merchant digitization. Modeling its strategic approach on successful financial inclusion blueprints implemented across leading regional emerging markets, the assembly unifies commercial banks, financial technology startups, payment service providers, merchant acquirers, localized merchant associations, and other vital ecosystem participants under a single collaborative banner.
The primary mandate of the working group involves facilitating industry wide corporate dialogue to isolate underlying market entry barriers, co create highly practical commercial solutions, and generate actionable policy recommendations to guide future regulatory and ecosystem development. Furthermore, the committee will design and execute targeted, time bound proofs of concept to demonstrate the commercial viability of advanced merchant acceptance solutions in different economic sectors. By establishing closer, streamlined communication loops between fintech market participants and state policymakers, the entity aims to deliver a superior digital payment experience that unlocks sustainable economic value for both retail enterprises and general consumers.
Reflecting on the profound systemic importance of this developmental milestone for the regional economy, Karandaaz Pakistan Chief Executive Officer Waqas ul Hasan emphasized that moving beyond simple peer to peer cash transfers is essential for achieving a fully cashless national ecosystem. He noted that the collaboration with the global organization creates a unified forum where key industry forces can align to help small businesses transition away from cash dependencies, ultimately unlocking a wave of new economic opportunities across the country.
The Better Than Cash Alliance injects extensive international implementation expertise into the local ecosystem, drawing on field insights from cross border advisory operations executed across Asia, Africa, and Latin America, as well as its strategic financial inclusion advocacy leadership within the G7 and G20 frameworks. Karandaaz Pakistan complements this international expertise by leveraging its deep domestic corporate network, extensive technical research databases, and hands on programmatic experience in small business digitization. Better Than Cash Alliance Managing Director Nshuti Mbabazi highlighted that while the local payments landscape holds immense untapped potential, scaled adoption is still restricted by pressing questions regarding commercial affordability and long term sustainability for value chain suppliers, making a unified collective platform absolute critical for resolving these systemic issues.
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