Tag: Raast payments

Pakistan is witnessing rapid growth in digital payments, yet widespread reliance on cash continues to limit nationwide adoption. Despite government initiatives and rising usage among younger consumers, challenges such as low awareness, security concerns, and inconsistent merchant adoption remain major hurdles.

The State Bank of Pakistan’s Innovation Hub has launched its first SBP Innovation Hub Seminar Series, starting with a session featuring Raza Matin from the Better Than Cash Alliance on building trust in Raast digital payments and strengthening security and public confidence in Pakistan’s digital financial ecosystem.

Paysys Labs and 1LINK have launched 1GO, a Raast P2M digital merchant acceptance service, enabling banks to offer seamless QR-based payments nationwide and accelerating Pakistan’s journey to a cashless economy.

The Federal Board of Revenue has capped cash transactions at Rs200,000 for both retail and e-commerce, pushing Pakistan toward digital payments. The move aims to reduce reliance on cash, improve tax compliance, and accelerate the adoption of fintech and digital wallets in line with IMF-backed reforms.