Small Businesses in Pakistan Move Toward Digital Payments

Pakistan’s push toward a cashless economy is gaining momentum as the National Bank of Pakistan (NBP) steps into digital merchant payments through Raast P2M services.

According to Beyond Time News, the initiative is expected to help small businesses shift from cash-based transactions to modern digital payment systems, improving efficiency and financial inclusion.

NBP gets approval for Raast P2M acquiring

The National Bank of Pakistan has received formal approval to begin Raast P2M (Person-to-Merchant) acquiring, marking an important step in the country’s digital banking transformation.

This approval came through coordination between the State Bank of Pakistan (SBP) and Raast Payments Pakistan, enabling secure and instant digital transactions between customers and merchants.

Boost for “Cashless Pakistan” vision

Officials say this development directly supports the government’s “Cashless Pakistan” vision. Through Raast P2M, businesses will be able to accept digital payments easily, while customers will benefit from faster and safer transactions.

According to Beyond Time News, the system will particularly benefit small and medium-sized enterprises (SMEs) that often rely heavily on cash transactions.

Nationwide awareness campaign planned

To support adoption, NBP will launch a nationwide awareness campaign. The bank aims to educate merchants and consumers about the benefits of digital payments and how to use the new system effectively.

At the same time, NBP plans to expand its digital acquiring network to reach more businesses across the country.

Financial inclusion for underserved communities

The initiative is also designed to bring underprivileged and unbanked segments into the formal financial system. By enabling digital payments, more people will gain access to secure and traceable financial services.

Officials believe this will help improve transparency and reduce dependency on cash-based dealings.

Read more:Payment Delays Push Small Textile Processors

Strong financial performance supports expansion

Earlier, NBP reported strong financial results, reflecting its growing capacity for digital expansion. The bank recorded a significant increase in profit and declared a high dividend for shareholders.

According to Beyond Time News, NBP also showed growth in earnings, tax contributions, and Islamic banking assets, strengthening its position in the financial sector.

Step toward a digital economy

With Raast P2M approval and expanding digital services, Pakistan is taking another step toward a modern financial ecosystem. Experts say this move will make transactions faster, safer, and more convenient for both businesses and customers across the country.