Karachi (GNP): Mashreq, a leading MENA-region financial institution, has become the first newly launched digital bank in Pakistan to offer the complete range of Raast services, including Raast Person-to-Merchant (P2M) payments, enabling smooth digital transactions for both customers and merchants.
Introduced in August 2026, the new feature allows merchants to accept instant payments via Raast QR codes, while customers can conveniently pay by scanning these codes through Mashreq’s digital banking platforms. As part of the broader Raast network, the service also allows customers from any Raast-enabled bank to pay Raast-enabled merchants, boosting interoperability across Pakistan’s banking sector.
Mashreq’s Raast P2M service is designed to support a wide array of businesses — from grocery stores and restaurants to retail shops, service providers, and e-commerce merchants. Sole proprietors and self-employed professionals can also open a Mashreq NEOBiz account to become Raast P2M merchants, giving smaller businesses an accessible way to accept account-based digital payments.
Mashreq Pakistan CEO Muhammad Hamayun Sajjad said the country’s digital payments landscape is entering a critical phase where the emphasis must shift from simply providing access to driving actual adoption. He explained that achieving meaningful scale requires a comprehensive approach that simultaneously enables customers to pay digitally and merchants to accept those payments seamlessly. By rolling out a unified Raast ecosystem for both groups, he said Mashreq is helping make instant payments a practical everyday tool, with the bank’s broader focus on creating digital experiences that add value for customers, businesses, and the wider economy while advancing Pakistan toward a more cashless future.
Ahson Bin Saeed, CEO of Raast Payments Pakistan, described building national payment infrastructure as an ongoing process, pointing to examples like Australia’s New Payments Platform as evidence of how strong payment systems can drive large-scale innovation. He said Pakistan’s progress with Raast has been encouraging, with the next phase focused on strengthening infrastructure, expanding participation, and ensuring institutions can build reliable, accessible payment experiences on top of it — calling Mashreq’s P2M launch an important step in bringing this national infrastructure into everyday use.
Muhammad Imad Uddin, Director of the Digital Innovation & Settlements Department at the State Bank of Pakistan, noted that digital transformation inevitably comes with challenges, especially in a market as dynamic as Pakistan’s. He said what matters most is building an ecosystem capable of adapting through those challenges, adding that the State Bank has remained focused on developing the regulatory and technological groundwork needed for a more connected, inclusive payments system. He pointed to initiatives like Mashreq’s Raast P2M rollout as proof of how financial institutions can translate that foundation into practical solutions for businesses and consumers.
The launch is part of Mashreq’s broader push to accelerate digital payment adoption and expand merchant acceptance nationwide. By linking customers and businesses through instant payment infrastructure, the bank aims to boost digital transaction volumes, encourage greater participation in the formal financial system, and support Pakistan’s shift toward a more digitally driven economy.
Mashreq also plans to roll out incentive programs for customers and merchants, including cashback offers, rewards, and promotional campaigns across key merchant categories. As part of its Raast roadmap, the bank intends to introduce Request-to-Pay functionality for online and e-commerce merchants, allowing customers to securely authorize payments through Raast while giving businesses a smoother digital collections process.
Built on modern digital architecture, Mashreq’s Raast platform is natively compliant with ISO 20022 messaging standards and aligned with international SWIFT protocols — supporting greater interoperability, transparency, and security while remaining flexible enough to meet the evolving needs of Pakistan’s digital payments landscape.
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Through its continued expansion of Raast, Mashreq aims to make instant, secure, and interoperable payments increasingly accessible to customers and merchants across Pakistan, with plans to keep growing merchant acceptance and enhancing user experiences through technology and innovation as the country’s digital economy continues to grow.
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.
