Mashreq Pakistan Becomes the First Digital Bank to Launch a Comprehensive Raast Payments Ecosystem for Customers and Merchants

Karachi, Pakistan – September 18, 2026: Mashreq, one of the leading financial institutions in the MENA region, 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.

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. As part of the wider Raast ecosystem, the service also enables customers of any Raast-enabled bank to make payments to Raast-enabled merchants, supporting greater interoperability and convenience across Pakistan’s banking ecosystem.

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, “Pakistan’s digital payments ecosystem is entering an important phase where the focus must shift from access to adoption. Achieving scale requires a holistic approach that enables customers to pay digitally and merchants to seamlessly accept digital payments at the same time. 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.”

Ahson Bin Saeed, CEO, Raast Payments Pakistan, said, “Building a national payments infrastructure is an evolving journey. We have seen markets around the world, including Australia with its New Payments Platform, demonstrate how strong payment rails can create the foundation for innovation at scale. 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.”

Muhammad Imad Uddin, Director, Digital Innovation & Settlements Department, State Bank of Pakistan, said, “Digital transformation does not happen without challenges, particularly in a market as dynamic as Pakistan. What matters is building an ecosystem that can continue to evolve through those disruptions. The State Bank of Pakistan has remained focused on developing the regulatory and technological foundations needed for a more connected and inclusive payments landscape. The real measure of progress is how effectively that infrastructure is adopted across the ecosystem, and initiatives such as Mashreq’s Raast P2M rollout demonstrate how financial institutions can turn those foundations into practical payment solutions for businesses and consumers.”

The launch forms part of Mashreq’s broader strategy to accelerate digital payment adoption and expand merchant acceptance across Pakistan. By connecting customers and businesses through an instant payment infrastructure, Mashreq aims to help increase digital transaction volumes, strengthen participation in the formal financial ecosystem and support Pakistan’s transition toward a more digitally enabled economy.

Mashreq also plans to introduce customer and merchant incentive programs, 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 capabilities for online and e-commerce merchants, enabling customers to securely authorize payments through Raast while providing businesses with a seamless digital collections experience.

Built on a modern digital architecture, Mashreq’s Raast platform is natively compliant with ISO 20022 messaging standards and aligned with international SWIFT standards. The underlying architecture supports greater interoperability, transparency and security while providing the flexibility required to accommodate the evolving needs of Pakistan’s digital payments ecosystem.

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.