The State Bank of Pakistan has launched an interoperable Raast P2M service to help retail merchants accept digital payments. This has enabled businesses to take payments using QR codes, Raast Alias, IBAN, and request to pay, limiting the use of cash at outlets~ providing customer convenience, security and ease of transaction.
In order to further accelerate adoption, Karandaaz Pakistan is working with SBP in piloting a program to onboard tier 2 & 3 retailers onto the Raast platform. This initiative aims to establish a cashless ecosystem at retail outlets by addressing the challenges and barriers which the merchants face.
It is important to mention that, Raast, Pakistan’s revolutionary instant payment system, has been engaged in transforming merchant/retailer payments through Raast IDs, IBANs, QR codes, and USSD.
ADMAA Retail Enablement Services (Pvt.) Ltd. (A.R.E.S), a company with proven experience in digital financial inclusion of merchants and enabling them to accept payments through digital channels, has been selected to implement this Proof of Concept (POC).
A.R.E.S is one of entities that has been awarded a grant to onboard retail merchants onto Raast and drive digital payment adoption at retail touch-points. ADMAA has been active in the market to help increase digital adoption by leveraging their experience of retail management and onboarding.
ADMAA is working with major banks and fintechs to help them onboard merchants and activate them. This grant would further help in supporting to enhance the merchants available that accept digital payment and show growth in the transactions processed through Raast.
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