SBP directed to prepare proposal for Raast QR merchant discount rate scheme to expand digital payments

The State Bank of Pakistan has been asked to develop a proposal for a merchant discount rate arrangement for Raast QR payments, Profit by Pakistan Today reported. The instruction came from Minister of State Bilal Azhar Kayani, following the prime minister’s call to widen digital payment use. Kayani also plans to consult bank leaders in Karachi about their role in the Cashless Pakistan programme.

At a Finance Division review, officials considered changes to the scheme and a monitoring dashboard that would track transaction values and unique users alongside payment counts. The Finance Division said merchants accepting digital payments have grown from 500,000 to 2.03 million, while national digital payment volumes doubled over the last year. Raast QR payment options are available at NADRA centres, and more than 45 million utility bills carry QR codes; from November 16, Asaan Assignment Account payments will move to Raast. Bank Alfalah and JS Bank representatives attended the meeting.