SBP Rolls Out Nationwide Strategy to Boost Digital Payment Acceptance at All Retail Outlets

TheState Bank of Pakistan (SBP)has developed a comprehensivenational implementation strategyto ensure the availability ofdigital payment acceptance infrastructure, including Raast QR codes, POS, and Soft POS, at all retail and commercial outlets across the country. In a strong push toward acashless economy, thePrime Minister’s Office (PMO)has directed allFederal Secretaries, Provincial Chief Secretaries, and Heads of Regulatory Bodiesto ensure thatretail outlets within their jurisdiction obtain and prominently display Raast QR codes by August 31, 2025. The directive, issued byPrime Minister’s Advisor Syed Tauqeer Ali Shah, underscores the government’s commitment to driving digital financial inclusion and strengthening the formal economy. Official communications have been made to senior officials, including Kamran Ali Afzal (Secretary, Cabinet Division), Dr Muhammad Fakhre Alam Irfan (Secretary, Power Division), and Chief Secretaries of all provinces and regions, among others. The Prime Minister’s Office has called forimmediate actionon the following: Mandatory Digital Acceptance: All businesses and retail outlets must obtain and displayRaast QR codesby the August 31 deadline. Licensing Requirements:Digital payment readiness(such as QR code or POS installation) to become amandatory conditionfor obtaining or renewing commercial operation licenses. Compliance & Enforcement: Establishment ofcompliance mechanismsincludingpenaltiesfor businesses that refuse toaccept digital payments. Collaboration with Banks & Fintechs: Ministries tocoordinate closely with SBP, banks, Microfinance Banks (MPBs), andElectronic Money Institutions(EMIs) to scale the acceptance network. To ensure smooth execution,Dr. Shazia Ghani, Team Lead (Special Projects & Initiatives) at the PMO, has been appointed as thefocal personfor this initiative. Ministries and departments are encouraged to coordinate with her and SBP for timely implementation and operational support. As part of the strategy, the SBP—based on recommendations from the Sub-Committee onDigital Payments Innovationand Adoption—has setrevised performance targetsto be achieved by FY 2026: Active digital commerce payment points: Increase from 0.5 million to2 million Active merchants: Minimum of1 transaction per month Mobile/Internet banking users: From 95 million to120 million Annual digital transactions: From 7.5 billion to15 billion Remittance digitization:100% remittancesto be credited to bank accounts/wallets (up from 80%), eliminating cash payouts In parallel, theMinistry of Financeis also working on acashless payment frameworkforGovernment-to-Person (G2P)andPerson-to-Government (P2G)transactions, especially forState-Owned Enterprises (SOEs), to enhance transparency and operational efficiency. This initiative marks a significant milestone in Pakistan’s journey towarddigital transformationand economic formalization, with strong inter-governmental coordination and regulatory oversight leading the way.