SECP mandates digital payments for all regulated entities by October

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all licensed entities under its supervision to adopt digital payment solutions, including Raast QR codes, at their business outlets by October 31, 2025.

The directive covers Non-Banking Finance Companies (NBFCs), insurance firms, modarabas, securities brokers, and other market intermediaries. Entities must ensure visibility of digital payment options and cannot refuse customers who choose to pay through these channels.

SECP said the measure is part of the government’s broader push for a cashless economy and aligns with the State Bank of Pakistan’s digitization initiatives. The adoption of digital payments is expected to improve transparency, convenience, and operational efficiency. Stakeholders have been encouraged to coordinate with banks, microfinance banks, or electronic money institutions to obtain Raast QR codes free of cost and ensure timely compliance.