In a bold move to transform merchant and retailer payments in Pakistan, Raast, the country’s groundbreaking instant payment system, is expanding its reach through an innovative pilot program.
This initiative, driven by Karandaaz Pakistan with support from the State Bank of Pakistan (SBP), aims to onboard tier 2 and 3 retailers onto the Raast platform, fostering a cashless ecosystem at retail outlets.
Raast offers a variety of payment options, including Raast IDs, IBANs, QR codes, and USSD, making transactions seamless and efficient. However, many retailers face challenges and barriers in adopting digital payments. This new program addresses these issues head-on, while ensuring more merchants can benefit from a digital payment system’s advantages.
To lead this Proof of Concept (POC), Karandaaz Pakistan has selected ADMAA Retail Enablement Services (Pvt.) Ltd. (A.R.E.S), a company renowned for its expertise in digital financial inclusion. A.R.E.S will leverage its extensive experience to onboard retail merchants onto the Raast platform, promoting digital payment adoption at various retail touchpoints.
During the signing ceremony, Deputy Governor of the State Bank of Pakistan, Mr. Saleem Ullah, Karandaaz CEO, and the Digital Public Infrastructure team were present to witness the momentous occasion. Simultaneously, their presence underscored the importance of this initiative and the commitment of all stakeholders to driving digital payment adoption across Pakistan.
Moreover, this strategic collaboration between Karandaaz Pakistan, SBP, and A.R.E.S is set to revolutionize the retail payment landscape, making cashless transactions the norm and propelling Pakistan towards a more digitally inclusive future.
