Govt moves to continue subsidy for Raast QR payments
- Consultations to enhance user experience in digital payments
Pakistan's PM has extended the Raast QR payment subsidy to boost digital payment adoption among merchants. This initiative aims to accelerate the nation's cashless journey and digitize transactions.
- Continued subsidy on Raast QR payments for merchants.
- Government's strategy to accelerate digital payment adoption.
Prime Minister Shehbaz Sharif has decided to continue the subsidy on merchant discount rate (MDR) charges for Raast QR payments to encourage wider merchant adoption of digital payment systems, the finance ministry said on Friday.
The development came during a meeting between Minister of State for Finance, Bilal Azhar Kayani, and the presidents, chief executive officers and chief digital officers of banks regarding the Prime Minister’s Cashless Pakistan Initiative.
According to a statement, officials of the State Bank of Pakistan (SBP), the CEO of Raast and officials of Karandaaz also attended the meeting.
During the meeting, Kayani encouraged banks to play a more active role in advancing the Prime Minister’s Cashless Pakistan Initiative and promoting wider adoption of digital payments.
He also outlined the steps taken by the government to support this effort, including the Raast QR subsidy to subsidise MDR charges. “He informed the forum that the prime minister had decided to continue the subsidy to maintain momentum in digital payments adoption,” read the statement.
Digital payment methods: Pakistan govt approves huge subsidy for SBP
The minister briefed the banking executives on the progress achieved under the initiative, including increased adoption of digital payments and the digitisation of government payments. He outlined the targets set for fiscal year 2026 and highlighted the significant progress made towards achieving them.
He further informed participants that the Prime Minister’s Cashless Committee was working to sharpen its focus and refine its targets, including through the adoption of new indicators and the setting of new targets, to accelerate the digitisation of payments.
He invited the banking executives to share their views and suggestions on achieving better outcomes in Pakistan’s cashless journey.
The minister directed the SBP to hold detailed consultations with banks’ chief digital officers, together with the CEO of Raast and Karandaaz, to develop concrete recommendations for the Prime Minister’s Cashless Committee.
The consultations will focus on improving the user experience across digital payment methods, including QR payments, and finalising practical suggestions to support wider adoption.
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