Approval of Raast QR MDR scheme: SBP told to prepare working paper

The government has asked the State Bank of Pakistan to prepare a working paper for approval of a merchant discount rate scheme for Raast QR payments, Business Recorder reported. The proposal is intended to support further growth in digital payments, as active merchants accepting them have risen to 2.03 million from 0.5 million under the Cashless Pakistan initiative.

At a follow-up meeting chaired by Minister of State Bilal Azhar Kayani, officials also discussed tracking payment values and unique users alongside transaction volumes. Raast QR codes are now on more than 45 million gas and electricity bills, while the overall volume of digital payments has doubled in a year. From November 16, payments to Asaan Assignment Accounts will be made through Raast, and the minister plans to meet bank leaders in Karachi to discuss the initiative.