National Bank of Pakistan (NBP) has received approval to launch Raast Person-to-Merchant acquiring services commercially. The move marks another step in Pakistan’s shift toward digital payments and a cashless economy.
The approval allows NBP to begin full commercial operations under the Raast framework developed by the State Bank of Pakistan.
NBP announced the development in a statement issued from Karachi on Monday.
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Officials described the approval as a major milestone in the bank’s digital transformation strategy. Moreover, they said the initiative would support Pakistan’s broader financial inclusion goals.
Following the approval, representatives from NBP’s Digital Banking Group met officials from the State Bank’s Digital Innovations and Settlement Department.
The meeting included Muhammad Imaduddin, Muhammad Hassan Memon, Adnan Nasir and Zohaib Ali Khan.
NBP said the approval reflected continued support from the State Bank of Pakistan and Raast Payments Pakistan.
Focus shifts to merchants and digital inclusion
With the approval secured, NBP can now promote Raast P2M acquiring services to merchants, institutions, customers and government entities.
In addition, the bank plans awareness campaigns to encourage digital payment adoption across Pakistan.
NBP said it would focus strongly on underserved communities, small businesses and institutional payment systems.
Raast serves as Pakistan’s first instant digital payment platform. The State Bank launched the system to modernise financial transactions and improve financial inclusion.
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The platform allows users to transfer money instantly through bank accounts, mobile numbers and merchant QR codes.
Meanwhile, Pakistan’s banking sector continues to accelerate digital transformation efforts. Smartphone usage, fintech growth and mobile banking services have expanded rapidly in recent years.
According to State Bank data, digital retail transactions in Pakistan have increased sharply due to rising mobile banking adoption.
Cashless economy drive gains momentum
NBP said it would continue working with regulators, fintech companies and merchant communities to expand digital payment acceptance nationwide.
The bank also plans to improve payment infrastructure for merchants and institutional users.
Financial analysts believe Raast P2M services could lower transaction costs for businesses. Furthermore, experts say digital payments can improve transparency and payment efficiency.
Many analysts also expect digital payment growth to reduce dependence on cash transactions in the long term.
Pakistan’s digital payments market has become increasingly competitive as banks and fintech firms expand QR payments, mobile wallets and instant transfer services.
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As a result, NBP’s commercial rollout of Raast P2M acquiring could help accelerate merchant onboarding across Pakistan.
The bank described the launch as part of its long-term commitment to financial innovation and digital inclusion.