Mashreq Becomes First Newly Launched Digital Bank in Pakistan to Offer Full Raast Services

Mashreq has become Pakistan’s first newly launched digital bank to offer the full suite of Raast services, including Raast Person-to-Merchant (P2M) payments, the bank said Thursday.

The new service, launched in August 2026, allows merchants to receive instant payments through Raast QR codes. Customers can scan the codes and pay through Mashreq’s digital banking channels.

The service also supports interoperability across the Raast network. Customers of any Raast-enabled bank can pay participating merchants, expanding the use of instant digital payments across Pakistan.

The State Bank of Pakistan describes Raast as the country’s real-time retail instant payment system. The infrastructure supports person-to-person and person-to-merchant payments and follows ISO 20022 standards.

Mashreq Expands Digital Payments for Businesses

Mashreq’s Raast P2M service targets businesses across several sectors. These include grocery stores, restaurants, retail outlets, service providers and e-commerce merchants.

Sole proprietors and self-employed professionals can also open Mashreq NEO BIZ accounts and become Raast P2M merchants.

Mashreq currently promotes NEO BIZ as a digital business banking solution that offers account opening, payment and collection services without requiring branch visits.

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The new capability aims to give smaller businesses another option for accepting account-based digital payments.

CEO Highlights Shift From Access to Adoption

Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, said Pakistan’s digital payments ecosystem now needs to focus on adoption alongside access.

“Achieving scale requires a holistic approach that enables customers to pay digitally and merchants to seamlessly accept digital payments at the same time,” Sajjad said.

He added that Mashreq’s unified Raast ecosystem for customers and merchants aims to make instant payments part of everyday commerce.

According to Sajjad, the bank also wants to create greater value for customers, businesses and the wider economy as Pakistan moves toward a more digitally connected economy.

Raast Enters Next Phase of Development

Ahson Bin Saeed, CEO of Raast Payments Pakistan, said national payment infrastructure must continue to evolve as participation grows.

He pointed to international examples, including Australia’s New Payments Platform, as evidence of how payment infrastructure can support innovation.

Saeed said Pakistan’s next phase should focus on strengthening infrastructure, expanding participation and helping institutions develop reliable and accessible payment experiences.

He described Mashreq’s Raast P2M launch as another step toward bringing national payment infrastructure into everyday use.

SBP Official Highlights Digital Transformation

Muhammad Imad Uddin, Director of the Digital Innovation & Settlements Department at the State Bank of Pakistan, said digital transformation brings challenges in a rapidly changing market.

He said the central bank continues to develop regulatory and technological foundations for a more connected and inclusive payments ecosystem.

Uddin also stressed the importance of adoption across the financial sector. He said initiatives such as Mashreq’s Raast P2M rollout can turn payment infrastructure into practical solutions for consumers and businesses.

Mashreq Plans Further Raast Features

Mashreq plans to expand digital payment adoption and merchant acceptance across Pakistan as part of its broader strategy.

The bank also plans customer and merchant incentive programmes. These may include cashback offers, rewards and promotional campaigns across key merchant categories.

As part of its Raast roadmap, Mashreq intends to introduce Request-to-Pay capabilities for online and e-commerce merchants. The feature will allow customers to authorise payments through Raast while giving businesses a digital collections option.

Mashreq says its Raast platform uses modern digital architecture and supports ISO 20022 messaging standards. The bank says the architecture aims to support interoperability, transparency, security and future payment requirements.

Mashreq currently offers Raast QR functionality through its mobile app, including QR generation and scan-and-pay options.

The bank said it will continue expanding merchant acceptance and improving customer and merchant experiences as Pakistan’s digital payments ecosystem develops.