aik by BankIslami has launched aikPay, Pakistan’s first Shariah-compliant, Raast-enabled QR payment gateway, marking a major step forward in the country’s digital payments landscape.
Built on the State Bank of Pakistan’s Raast infrastructure, aikPay enables real-time online payments through dynamic QR codes, allowing customers to pay directly from their bank accounts while offering merchants a fast, secure, and card-free checkout experience.
The launch follows an engagement session organised by aik with key stakeholders from the national payments ecosystem, including representatives from the Raast platform. The session was attended by Muhammad Imaduddin, Director of Digital Innovations & Settlement at the State Bank of Pakistan, and Ahson bin Saeed, CEO of Raast Payments Pakistan. Senior leadership from BankIslami and aik, including Sohail Sikandar, Chief Operations Officer of BankIslami, and Ashfaque Ahmed, Chief Officer of aik, were also present.
Commenting on the launch, Ashfaque Ahmed said that the rapid shift toward technology has made digital payments a daily necessity. He added that aik remains committed to promoting Riba-free digital banking while supporting Pakistan’s national push toward a digitally enabled economy by offering solutions that make everyday transactions faster, simpler, and more seamless.
With aikPay, customers can make online purchases using any Raast-enabled mobile banking app, receiving instant transaction confirmation without the need for cards. For merchants, the platform offers nationwide reach through Raast interoperability, real-time payment verification, instant settlement to improve cash flow, and low-cost payment acceptance through competitive MDR rates.
The solution is designed to be scalable and accessible, catering to small and medium enterprises (SMEs), online businesses, institutions, and government entities, positioning aikPay as a key enabler of Pakistan’s evolving digital payments ecosystem.
