ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all entities under its regulatory ambit to adopt digital payment solutions — particularly Raast QR codes — by Oct 31, 2025.
In a statement issued on Tuesday, the regulator said the directive applies to non-banking finance companies, insurance firms, modarabas, securities brokers and other licensed intermediaries. These businesses will be required to display and enable digital payment options at all outlets and cannot refuse customers opting to pay digitally.
The SECP noted that Raast QR codes are free and can be obtained through banks, microfinance banks or electronic money institutions. The measure, it said, was aligned with Pakistan’s vision of moving towards a cashless economy, enhancing financial inclusion, transparency and efficiency across regulated sectors.
A recent State Bank of Pakistan (SBP) review showed that digital channels now account for 87 per cent of retail payments by volume — underlining both the rapid shift in consumer preferences and the improvement in digital infrastructure as the country steadily moves away from cash-based transactions.
Modernising payment system
The directive follows the launch last week of Prism+, Pakistan’s upgraded payment and settlement system aimed at making transactions faster, safer and more transparent.
According to the SBP governor, the new platform represents a major step towards modernising the financial infrastructure, improving liquidity management, reducing settlement risks and streamlining the movement of money and government securities.
Prism+ features include real-time transfer of large payments, scheduling of future-dated transactions, priority-based settlement, and live dashboards of balances and pending payments. It also enables banks to participate in real-time government securities auctions, manage secondary market trades more efficiently, and track pledged collateral.
