aik by BankIslami has launched aikPay, Pakistan’s first Shariah-compliant Raast-enabled QR Payment Gateway, marking a major milestone in the country’s digital payments ecosystem. Built on the State Bank of Pakistan’s Raast infrastructure, aikPay enables real-time online payments through dynamic QR codes, allowing customers to pay directly from their bank accounts while merchants receive secure and instant payment confirmations through a seamless checkout experience.
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The launch follows a dedicated engagement session led by aik with representatives from the State Bank of Pakistan and Raast Payments Pakistan. The session was attended by Muhammad Imaduddin, Director of Digital Innovations and Settlement at the State Bank of Pakistan, Ahson bin Saeed, CEO of Raast Payments Pakistan, along with Sohail Sikandar, Chief Operations Officer of BankIslami, Ashfaque Ahmed, Chief Officer of aik, and other team members.
Commenting on the launch, Ashfaque Ahmed said the rapid shift toward digital transactions has made technology-driven payments an everyday necessity. He reaffirmed aik’s commitment to promoting Riba-free digital banking and supporting Pakistan’s transition toward a digital economy through innovative solutions that simplify and accelerate daily transactions.
aikPay allows customers to shop and pay online using any Raast-enabled mobile banking application, offering instant transaction confirmation and a fully card-free checkout experience. For merchants, the platform provides nationwide reach through Raast interoperability, real-time payment confirmation, instant settlement to improve liquidity, and cost-effective payment acceptance through competitive MDR rates. The solution is designed to scale across SMEs, online businesses, institutions, and government entities, strengthening Pakistan’s digital commerce infrastructure and expanding access to Shariah-compliant payment options.
