Pakistan has taken another major step toward a cashless economy. The Securities and Exchange Commission of Pakistan (SECP) has directed all regulated entities to mandatorily adopt digital payment solutions by October 31, 2025.
This directive applies to Non-Banking Finance Companies (NBFCs), insurance firms, Modarabas, securities brokers, and other licensed market intermediaries. Businesses under SECP’s regulation must not only enable digital payments but also display Raast QR Codes prominently at their outlets. Importantly, no entity will be allowed to refuse a customer choosing to pay digitally.
The initiative is in full alignment with the State Bank of Pakistan’s digitization agenda. According to SECP, the move will increase transparency, improve customer convenience, enhance financial inclusion, and boost operational efficiency across the financial sector.
To facilitate implementation, SECP has encouraged all stakeholders to collaborate with their respective banks, microfinance banks, or electronic money institutions (EMIs) to obtain free-of-cost Raast QR codes.
Experts believe this will not only modernize Pakistan’s payment infrastructure but also reduce reliance on cash transactions, curb shadow economy practices, and create a more secure digital financial ecosystem. The successful adoption of this directive will mark a significant milestone in Pakistan’s journey toward a digitally inclusive economy.