Mashreq Pakistan launches Raast payment ecosystem

KARACHI: Mashreq Pakistan has become Pakistan’s first newly launched digital bank to offer the full suite of Raast services, including Raast Person-to-Merchant (P2M) payments, enabling seamless digital transactions for both individual customers and merchants.

The launch forms part of Mashreq’s broader strategy to accelerate digital payment adoption and expand merchant acceptance across Pakistan. Launched in August 2026, the new capability enables merchants to receive instant payments through Raast QR codes, while customers can conveniently scan and pay merchants through Mashreq’s digital banking channels.

Designed to serve businesses across a broad range of categories, Mashreq’s Raast P2M offering extends digital payment acceptance to grocery stores, restaurants, retail outlets, service providers and e-commerce merchants. Sole proprietors and self-employed professionals can also open a Mashreq NEOBiz account and become Raast P2M merchants, providing smaller businesses with a convenient way to accept account-based digital payments.

Commenting on the launch, Muhammad Hamayun Sajjad, CEO, Mashreq Pakistan, said, that Pakistan’s digital payments ecosystem is entering an important phase where the focus must shift from access to adoption and by launching a unified Raast payments ecosystem for both customers and merchants, Mashreq is helping make instant payments a practical part of everyday commerce.

“Our focus is on delivering digital experiences that create greater value for customers, businesses, and the wider economy while supporting Pakistan’s journey towards a more digitally connected and cashless future,” he added.

Ahson Bin Saeed, CEO, Raast Payments Pakistan, said that building a national payments infrastructure is an evolving journey and Pakistan has embarked on its own journey with Raast, and the progress we are seeing is encouraging.

“The next phase is about continuing to strengthen the infrastructure, broaden participation and ensure that institutions can build relevant, reliable and accessible payment experiences on top of it. Mashreq’s launch of Raast P2M is another important step in translating this national infrastructure into everyday use for merchants and consumers,” he added.

Muhammad Imad Uddin, Director, Digital Innovation & Settlements Department, State Bank of Pakistan, said that digital transformation does not happen without challenges, particularly in a market as dynamic as Pakistan and SBP has remained focused on developing the regulatory and technological foundations needed for a more connected and inclusive payments landscape.

Through the continued expansion of Raast, Mashreq aims to make instant, secure and interoperable payments increasingly accessible to customers and merchants across Pakistan. The Bank will continue to expand merchant acceptance while enhancing customer and merchant experiences through technology, service and innovation, supporting the continued growth of Pakistan’s digital economy.

Copyright Business Recorder, 2026