The Securities and Exchange Commission of Pakistan (SECP) has issued alandmark directive aimed at strengthening the digital payment ecosystem andpromoting a cashless economy in the country.
According to the new regulation, all regulated and licensed entities willbe required to introduce digital payment systems—particularly the StateBank of Pakistan’s Raast QR code—at their business centers. These QR codesmust be prominently displayed at customer service points to facilitateseamless transactions.
SECP has given registered companies until October 31, 2025, to implementthe new system. After this deadline, no regulated entity will be allowed toinsist on cash-only payments from customers.
The directive applies to a wide range of financial institutions,including Non-BankingFinance Companies (NBFCs), insurance companies, modarabas, securitiesbrokers, and other licensed market intermediaries.
Special emphasis has been placed on the Raast system, developed by theState Bank of Pakistan, which offers a fast, secure, and low-cost methodfor digital payments. Customers will be able to simply scan a QR code topay bills, fees, or charges without relying on cash.
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Officials highlighted that this initiative aligns with the Government ofPakistan’s vision to digitize the economy, expand the tax net, and increasetransparency in financial transactions. They noted that the reliance oncash-based transactions has long been a barrier to economic progress andtax collection in the country.
By mandating digital payments, SECP aims to make business operations moreefficient, reduce cash dependency, and provide greater convenience to thepublic.
*Finance, State Bank of Pakistan