China has witnessed a transformative leap in payment systems with the launch of Weixin Palm Payment, a cutting-edge hand-scanning technology developed by Tencent. This innovative solution simplifies daily transactions, allowing commuters to access subways and employees to enter office buildings with a quick palm scan. Introduced in May 2023 and officially launched in September, the system […]
The State Bank of Pakistan (SBP) has issued a directive requiring banks and financial institutions to integrate the RAAST payment system into e-commerce platforms and online shopping stores by March 31, 2025. The initiative aims to accelerate the digitization of merchant and business transactions across Pakistan. According to the SBP circular, banks must ensure that […]
LAHORE: The Punjab government is gearing up to integrate its Electronic Invoice Monitoring System (e-IMS) with the Federal Board of Revenue’s (FBR) Point of Sale (POS) system, a move aimed at streamlining tax processes and reducing redundancies. According to officials from the Punjab Revenue Authority (PRA), necessary arrangements for the integration are underway. The integration […]
Islamabad, Pakistan – November 20, 2024 –Euronet Pakistan, a division of Euronet Worldwide and the largest card and payment processor in the country, has announced a landmark strategic partnership with CMA, a globally recognized leader in real-time payments. CMA, headquartered in Sweden, is renowned as the primary vendor for the State Bank of Pakistan’s RAAST […]
The State Bank of Pakistan (SBP) has suspended the authorization of Islamabad Exchange Company (Pvt.) Limited with immediate effect due to violations of SBP’s rules and regulations. In a statement issued by the central bank, it was confirmed that the company, including its head office and all authorized branches, has been barred from conducting any […]
Islamabad, Pakistan – Standard Chartered Bank (SCB) Pakistan has rolled out an upgraded IATA EASY PAY solution, uniquely customized for the Pakistan market. This advanced solution is designed to streamline BSP ticketing and payment processes for International Air Transport Association (IATA) agents across the country, offering them a seamless, efficient, and closed-loop payment mechanism. The […]
ISLAMABAD: Askari Bank is advancing its role in digital financial services with the launch of Pakistan’s first comprehensive cashless ecosystem initiative. This innovative project, aimed at building cashless communities, reflects the bank’s mission to bring customers closer through digital transformation and financial inclusion. Askari Bank’s digital journey has already seen pioneering efforts, including an indigenous […]
Partnership to Provide Seamless, Localized Payment Access Across 20+ Countries in Africa, Asia, and Latin America dLocal, a leading cross-border payment platform focused on emerging markets, has announced a major expansion of its strategic partnership with inDrive, a global mobility and urban services platform. This collaboration aims to address critical financial inclusion and payment challenges […]
Karachi: In a significant move to bolster home remittance services across Pakistan, JS Bank and BankIslami have announced a strategic partnership aimed at expanding secure and convenient remittance payouts nationwide. The collaboration combines the strengths and extensive retail networks of both institutions, promising improved accessibility and service for remittance beneficiaries. Under the partnership, JS Bank […]
In a major step toward accelerating payment digitization, the State Bank of Pakistan (SBP) and K-Electric (KE), Pakistan’s leading private power utility, have announced a partnership to initiate a Proof of Concept (PoC) under Raast’s Payment Initiation Service Provider (PISP) model. This collaboration marks a pivotal advancement in enhancing digital payment solutions for consumers across […]