Tag: Raast Payment System

Pakistan accelerates its digital transformation as BISP introduces one million digital wallets for cashless payments, integrating government services with Raast platform to expand financial inclusion.

The Capital Development Authority (CDA) has made QR codes mandatory for all payments in Islamabad, aiming to make it Pakistan’s first fully cashless city. The move will cover businesses of all sizes, integrate with the Raast system, and digitize all CDA-related payments, promoting transparency and financial inclusion.

The State Bank of Pakistan has officially designated 1LINK as a Payment System Operator, a move that strengthens Pakistan’s digital payments infrastructure. The recognition reinforces SBP’s push for a cashless economy, financial inclusion, and innovation in the fintech ecosystem.

The State Bank of Pakistan has launched PRISM+, its upgraded payment and settlement system based on ISO 20022 standards. The system enhances transparency, interoperability, and liquidity management, aligning Pakistan’s financial infrastructure with global best practices and advancing the country’s digital transformation.

Pakistan’s digital payments ecosystem reached new highs in Q3 FY25, with 89 percent of retail payments processed digitally. Mobile banking apps, e-wallets, and SBP systems like Raast led the transformation, reflecting strong momentum in the country's shift to a cashless economy.

Faysal Bank has launched Raast QR payments across major Mandis in Pakistan ahead of Eid-ul-Adha 2025, offering a secure, cashless, and instant payment solution. This move supports Pakistan’s fintech growth and aligns with the State Bank's push for digital financial inclusion.