Approval of Raast QR MDR scheme: SBP told to prepare working paper

Islamabad: The government has instructed the State Bank of Pakistan (SBP) to draft a working paper for the approval of the Raast QR Merchant Discount Rate (MDR) scheme. This move aims to support the growth of digital payments in the country, following a surge in active merchants accepting digital payments. The Prime Minister's Cashless Pakistan initiative has seen the number of active merchants increase from 0.5 million to 2.03 million, marking a fourfold growth.

The meeting, chaired by the Minister of State for Railways and Finance Bilal Azhar Kayani, brought together senior stakeholders from both public and private sectors to discuss and refine the Raast QR MDR scheme. Discussions centered on enhancing the high-level Dashboard to track not only the volumes of digital payments but also their values and the number of unique account users.

In addition, the committee discussed the expansion of digital payments in light of the significant progress made under the Cashless Pakistan initiative. Key measures under this initiative include the discontinuation of cheque payments from November 16, with all transactions for Asaan Assignment Accounts to be conducted through the Raast digital system.

Furthermore, all gas and electricity bills, exceeding 45 million, have been equipped with Raast QR codes, enabling citizens to pay for utilities digitally from the comfort of their homes. The overall volume of digital payments has doubled within a year due to the measures undertaken by the PM's Cashless Committee. Following the meeting, the Minister of State directed the State Bank of Pakistan to prepare the working paper to process the approval of the Raast QR MDR scheme, ensuring the continued expansion of digital payments in Pakistan.