JazzCash, Pakistan’s leading digital payments platform, has achieved a significant milestone by onboarding 1 million RAAST QR merchants across the country, marking a major step forward in advancing Prime Minister Shahbaz Sharif’s vision of a cashless economy. The achievement demonstrates the growing adoption of digital payments among small and medium businesses in Pakistan.
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The RAAST QR system, powered by the State Bank of Pakistan’s instant payment system, allows merchants to accept payments directly into their bank accounts using a simple QR code. Customers can scan the code with any RAAST-compliant banking app, including JazzCash, to make instant, fee-free payments.
Driving Financial Inclusion
The expansion of RAAST QR merchants is a cornerstone of the government’s cashless economy initiative, which aims to reduce reliance on cash, improve tax documentation, and bring more transactions into the formal financial system. JazzCash’s extensive agent network and merchant outreach efforts have been instrumental in achieving this milestone.
Key benefits of the RAAST QR system for merchants include:
- Instant Settlement: Funds credited directly to bank accounts in real-time
- Zero Cost: No merchant discount rate (MDR) or transaction fees
- Simplified Operations: No need for expensive POS terminals
- Digital Records: Automatic transaction documentation
- Customer Convenience: Quick, secure, and contactless payments
About JazzCash
JazzCash is Pakistan’s leading digital payments platform, with over 40 million registered users and a network of more than 200,000 agents across the country. The platform offers a wide range of financial services including payments, transfers, savings, and lending.
About RAAST
RAAST is Pakistan’s instant payment system, launched by the State Bank of Pakistan to facilitate seamless, fee-free digital payments between individuals, businesses, and government entities. RAAST QR is the merchant payment component of the system.
