Raast: Revolutionizing Payments with a New Initiative for Tier 2 & 3 Retailers
In a significant move to transform merchant and retailer payments in Pakistan, Raast, the country’s groundbreaking instant payment system, is expanding its reach through an innovative pilot program. This initiative, backed by Karandaaz Pakistan with the support of the State Bank of Pakistan (SBP), aims to onboard tier 2 and 3 retailers onto the Raast platform, fostering a cashless ecosystem at retail outlets.
Raast offers a variety of payment options, including Raast IDs, IBANs, QR codes, and USSD, making transactions seamless and efficient. Despite its potential, many retailers face challenges and barriers in adopting digital payments. The new program specifically addresses these issues, ensuring that more merchants can benefit from the advantages of a digital payment system.
To spearhead this Proof of Concept (POC), Karandaaz Pakistan has selected ADMAA Retail Enablement Services (Pvt.) Ltd. (A.R.E.S), a company renowned for its expertise in digital financial inclusion. A.R.E.S will leverage its extensive experience to onboard retail merchants onto the Raast platform, promoting the adoption of digital payments at various retail touchpoints.
During the signing ceremony, Deputy Governor of the State Bank of Pakistan, Mr. Saleem Ullah, Karandaaz CEO, and the Digital Public Infrastructure team were present to witness the momentous occasion. Their presence underscored the importance of this initiative and the commitment of all stakeholders to drive digital payment adoption across Pakistan.
This strategic collaboration between Karandaaz Pakistan, SBP, and A.R.E.S is set to revolutionize the retail payment landscape, making cashless transactions the norm and propelling Pakistan towards a more digitally inclusive future.
