Pakistan’s digital payment network continues to grow, with interoperable Raast QR technology helping small businesses accept cashless transactions and improve access to formal financial services.
Pakistan’s transition towards a cashless economy is gaining momentum as digital payment adoption expands among small businesses and microentrepreneurs. JazzCash has reported a significant increase in merchants accepting interoperable Raast QR payments, highlighting the growing role of digital transactions in the country’s retail sector.
Speaking at the International Association of Money Transfer Networks (IAMTN) Annual Summit 2026, JazzCash Chief Executive Officer Murtaza Ali revealed that the number of Raast QR-enabled merchants on the company’s network had reached 1.9 million. The figure represents a substantial increase from fewer than one million at the beginning of 2026.
JazzCash aims to increase the number of participating merchants to two million by the end of this year, reflecting its efforts to expand digital payment acceptance across Pakistan.
The announcement came during a panel discussion titled “Merchant Adoption of Digital Payments”, which also featured Ainsley Merchant of Worldpay and Georges Ferre of IYU. Roberto Linares of Remitly moderated the session.
Pakistan’s cashless economy drive is being supported by the government’s initiative to reduce cash dependency and the State Bank of Pakistan’s Raast instant payment system. The infrastructure enables customers using different banks and payment providers to complete transactions through an interoperable network.
According to Murtaza, QR payments are helping small businesses overcome the financial barriers associated with traditional payment systems. Conventional point-of-sale terminals can involve equipment and operational expenses that are difficult for businesses with limited profit margins to manage.
QR-based solutions offer a more accessible alternative for neighbourhood shops, salons and home-based businesses. However, reliable settlement times and customer confidence remain important factors in encouraging wider adoption.
The growing digital payment network could also support financial inclusion and economic documentation. Electronic transactions generate records of business activity, potentially helping merchants establish financial histories and qualify for formal credit.
Murtaza highlighted merchant financing and working-capital facilities based on digital sales data as potential areas for future development. Such services could enable small businesses to access financing based on their transaction records.
Looking ahead, JazzCash also expects artificial intelligence to influence how customers interact with financial services, including payments, savings, investments and credit. However, Murtaza stressed that stronger cybersecurity and protection of customer data would be essential as AI adoption increases.
JazzCash currently has 64 million registered customers, positioning the company as a significant participant in Pakistan’s expanding digital financial services market.