An interoperable Raast P2M service has been introduced by the State Bank of Pakistan to assist retail shops in accepting digital payments. Due to this, businesses may now limit the amount of cash used in stores and offer customers comfort, security, and ease of transaction by accepting payments via QR codes, Raast Alias, IBAN, and request to pay.
Karandaaz Pakistan is collaborating with SBP to test a program to integrate tier 2 and tier 3 shops onto the Raast platform in an effort to further expedite adoption. By tackling the difficulties and obstacles that retailers have, this program seeks to develop a cashless ecosystem at retail locations.
It’s vital to note that Raast, the ground-breaking fast payment system from Pakistan, has been revolutionizing retailer and merchant payments via Raast IDs, USSDs, QR codes, and IBANs.
The company chosen to carry out this Proof of Concept (POC) is ADMAA Retail Enablement Services (Pvt.) Ltd. (A.R.E.S), which has demonstrated expertise in helping merchants become digitally financially included and in allowing them to accept payments via digital channels.
One of the organizations that received funding to promote the adoption of digital payments at retail touchpoints and onboard retail retailers onto Raast is A.R.E.S. ADMAA has been actively involved in the market, using their retail management and onboarding skills to help improve digital adoption.
To assist in onboarding and activating merchants, ADMAA collaborates with fintech companies and large banks. With this award, retailers who currently accept digital payments will be further supported, and Raast transaction volume will increase.
