Islamabad– In line with the national vision to promote a cashless economy and strengthen Pakistan’s digital payment ecosystem, the Securities and Exchange Commission of Pakistan (SECP) has issued a directive requiring all its licensed entities to adopt and display digital payment solutions particularly Raast QR Code, at their business outlets.
Through the said directive, all SECP-regulated entities, including Non-Banking Finance Companies (NBFCs), Insurance Companies, Modarabas, Securities Brokers, and other licensed market intermediaries shall implement digital payment solutions, ensure visibility at their outlets and cannot refuse customers opting to pay through digital means. The compliance to the directive shall be ensured by October 31.
SECP is fully aligned with State Bank of Pakistan’s drive towards digitization. This initiative will not only enhance financial inclusion but also improve transparency, convenience, and business efficiency across the regulated sectors. All the stakeholders are encouraged to proactively collaborate with their respective banks/MFB/EMIs to obtain their free-of-cost RAAST QR codes and ensure timely implementation.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
