KARACHI: Pakistan’s journey toward a cashless economy has taken a major leap forward with the National Bank of Pakistan (NBP) receiving official approval to launch Raast Person-to-Merchant (P2M) acquiring services. The move is expected to accelerate digital banking adoption among small and medium-sized enterprises (SMEs) across the country.
The approval, granted through collaboration with the State Bank of Pakistan (SBP) and Raast Payments Pakistan, marks a significant milestone in NBP’s digital transformation strategy. The Raast P2M service will enable small businesses and customers to access modern payment facilities, making transactions faster and more secure.
“This initiative will bring small businesses into the mainstream digital economy,” said an NBP spokesperson. The bank plans to launch a nationwide awareness campaign to promote digital payments, targeting SMEs and underprivileged communities that have traditionally relied on cash transactions.
The service is designed to support a wide range of merchants, from street vendors to larger retail outlets, by providing low-cost digital payment acceptance. NBP intends to broaden its digital acquiring network, partnering with fintech companies to extend financial services to remote areas.
The approval was finalized during a high-level meeting between SBP and NBP officials. NBP was represented by Adnan Nasir, Zohaib Ali Khan, and Muhammad Amad Uddin. The bank reiterated its commitment to fostering a cashless economy, aligning with the government’s Digital Pakistan vision.
This development comes on the heels of NBP’s record-breaking financial performance. In February, the bank reported a net profit of Rs 85.9 billion for 2025, a staggering increase from previous years. Profit before tax surged to Rs 178.9 billion, a 216% rise, while total earnings climbed to Rs 311.7 billion, up 31.9%. The bank declared a 350% dividend (Rs 35 per share) for shareholders.
NBP’s Islamic banking assets grew 95.5% to Rs 651.9 billion, and the bank contributed Rs 93 billion in taxes to the national exchequer in 2025. Its Capital Adequacy Ratio remained robust at 26.21%, indicating strong financial health.
Analysts say the Raast P2M service will further boost NBP’s digital footprint and support Pakistan’s goal of increasing financial inclusion. The SBP has been promoting Raast as a key infrastructure for real-time payments, similar to systems like India’s UPI.
By enabling small businesses to accept digital payments easily, NBP is positioning itself as a leader in the country’s banking sector. The move is expected to reduce cash dependency, improve transparency, and drive economic growth.
Source: ARY News