The federal government has decided to continue subsidizing Raast QR payments to encourage businesses to adopt digital payment methods. The decision aims to support Pakistan’s transition towards a cashless economy.
The subsidy covers merchant discount rate (MDR) charges on transactions made through Raast QR payments. It is part of Prime Minister Shehbaz Sharif’s Cashless Pakistan Initiative.
Minister of State for Finance Bilal Azhar Kayani announced the decision on Friday. He shared the update during a meeting with banking executives in Karachi.
The meeting took place at the Pakistan Banks Association (PBA) headquarters. Officials from the State Bank of Pakistan (SBP), Raast, and Karandaaz also attended.
Government Continues Support for QR Payments
During the meeting, Kayani informed participants about the prime minister’s decision. The government will extend the subsidy to maintain progress in digital payment adoption.
The subsidy is intended to reduce the costs associated with QR transactions for merchants. This support could encourage more businesses to accept digital payments instead of relying entirely on cash.
Kayani also reviewed progress under the Cashless Pakistan Initiative. He discussed the growing use of digital payment services across the country.
The minister highlighted efforts to digitize government payments. He also discussed progress towards the digital payment targets set for fiscal year 2026.
SBP Asked to Prepare New Digital Payment Measures
The finance minister directed the State Bank of Pakistan to hold consultations with relevant stakeholders. These discussions will include chief digital officers from different banks.
The CEO of Raast and representatives of Karandaaz will also participate in the consultations. Their task is to prepare recommendations for the Prime Minister’s Cashless Committee.
The consultations will focus on improving the experience of users across digital payment platforms. Particular attention will be given to QR-based transactions.
Officials will also explore practical measures to increase the use of digital payment services. These recommendations are expected to support wider adoption among businesses and consumers.
Banks Encouraged to Support Cashless Pakistan
The Prime Minister’s Cashless Committee is also working on new performance indicators. It plans to revise existing targets to speed up the digitization of payments.
The government wants banks to take a more active role in this process. Kayani urged banking institutions to support the expansion of digital payment services nationwide.
The continuation of the Raast QR payments subsidy reflects the government’s efforts to reduce barriers for merchants. It also aims to strengthen the country’s digital payment infrastructure.
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Through these measures, the government intends to encourage businesses and consumers to use electronic payment methods more frequently. The initiative remains focused on expanding digital transactions and reducing dependence on cash across Pakistan.
