Digital payments made mandatory for SECP-regulated businesses

The Securities and Exchange Commission of Pakistan (SECP) has directed all its licensed entities to adopt and display digital payment solutions, particularly Raast QR Code, at their business outlets.

The directive applies to Non-Banking Finance Companies (NBFCs), insurance firms, modarabas, securities brokers, and other licensed market intermediaries. According to the instructions, no regulated entity will be allowed to refuse digital payments at its offices or outlets. They must also display visibility of digital payment options for customer awareness. The deadline for full compliance has been set for October 31, 2025.

This initiative is part of SECP’s broader vision to strengthen Pakistan’s digital payment infrastructure and promote transparency, efficiency, and financial inclusion. By shifting away from cash-based transactions, the regulator aims to create a more convenient and reliable payment system across the financial sector. The SECP move also aligns with the State Bank of Pakistan’s ongoing drive for digitisation. Together, these efforts are expected to boost the adoption of modern payment methods, reduce reliance on cash, and encourage innovation in financial services.

SECP has urged all stakeholders to immediately engage with their banks, microfinance banks, or electronic money institutions (EMIs) to obtain free-of-cost RAAST QR codes and integrate them into their operations. Officials said the step will not only make transactions easier for businesses and customers but will also enhance accountability and strengthen confidence in Pakistan’s regulated financial industry. The directive marks a significant milestone in the country’s journey toward becoming a digitally driven economy.