admin

National Bank of Pakistan has entered a strategic partnership with ISTIQEME to drive the deployment of merchant QR codes and enhance Pakistan’s digital payments ecosystem through targeted training and operational support initiatives. A formal ceremony marking the collaboration was held at NBP’s Regional Office in Karachi (South & West Regions), with senior leadership from both organisations in attendance. Speaking about this development, Adnan Nasir, Chief Digital Officer at NBP, said, “The collaboration between NBP and ISTIQEME represents a shared vision to empower merchants through seamless digital solutions. Together, we are focused on building a robust QR payment infrastructure that supports financial inclusion and aligns with Pakistan’s broader digital transformation agenda.” This partnership underscores a mutual commitment to advancing the Government of Pakistan’s vision of a cashless economy, while supporting the mandate of the State Bank of Pakistan for promoting digital financial inclusion nationwide. Under the collaboration, ISTIQEME will provide end-to-end support to NBP, including merchant lead generation, facilitation of account opening, deployment of QR code infrastructure, and conducting merchant awareness and training sessions. The company will also extend operational assistance to NBP branches to ensure efficient onboarding and activation of merchants. The ceremony was graced by Muhammad Kamran Khan, CEO, ISTIQEME. Representing NBP were Mahmood Akhtar Nadeem, GM Sindh, Zohaib Ali Khan, Ahsan Raza, Faisal Mirza, Leemoon Chaglani, Javed Sheikh, and Majid Hussain Shaikh. By leveraging ISTIQEME’s expertise in digital enablement and NBP’s extensive nationwide banking network, the collaboration aims to significantly expand the acceptance of digital payments, enhance financial accessibility for merchants, and contribute to the ongoing digitisation of Pakistan’s economy.

Pakistan has taken a significant step toward strengthening its financial integration with global markets by expanding the Roshan Digital Account (RDA) framework to include foreign nationals, companies, and institutional investors. The move, announced by Finance Minister Senator Muhammad Aurangzeb, reflects the government’s intent to position Pakistan as a more accessible and attractive destination for international capital. Originally launched in September 2020, the Roshan Digital Account was designed to connect non-resident Pakistanis with the country’s banking and investment ecosystem. Over the past five years, the initiative has demonstrated strong performance, with more than 900,000 accounts opened and total inflows exceeding $12 billion. It has enabled overseas Pakistanis to remotely access a wide range of financial services, including banking, investment in government securities, Naya Pakistan Certificates, stock market participation, and real estate transactions. The latest expansion marks a strategic evolution of the initiative. By allowing foreign investors and institutions to participate, the RDA is transitioning from a diaspora-focused platform into a broader gateway for global investment. This shift is expected to deepen Pakistan’s financial markets, enhance liquidity, and diversify sources of foreign exchange inflows. The policy decision comes at a time when remittances continue to play a critical role in Pakistan’s economic stability. According to official data, remittances reached a record $38.3 billion in fiscal year 2025, reflecting a 26.6% increase compared to the previous year. Projections for fiscal year 2026 suggest inflows could reach approximately $42 billion. These inflows have been instrumental in supporting the country’s external account, strengthening foreign exchange reserves, and maintaining balance of payments stability. However, while remittances provide essential support, they are largely consumption-driven and may not offer the long-term capital needed for sustained economic growth. By opening the RDA framework to foreign investors, Pakistan aims to shift toward investment-led inflows, which can contribute more directly to capital formation and economic development. Under the expanded framework, foreign investors will have access to multiple investment avenues. These include government securities, which offer relatively stable returns; Naya Pakistan Certificates, which remain a high-yield sovereign instrument; as well as equities, mutual funds, and real estate. The fully digital onboarding process is expected to reduce traditional barriers to entry, such as complex documentation and physical presence requirements. From a broader perspective, this move positions Pakistan more competitively among emerging markets seeking to attract foreign capital. The combination of digital accessibility, regulatory support, and attractive returns provides a compelling proposition. However, the long-term success of this initiative will depend on factors such as macroeconomic stability, currency management, and policy consistency, which remain key considerations for global investors. The expansion of the Roshan Digital Account framework represents more than just a policy adjustment; it is a strategic effort to transform Pakistan’s financial landscape. By broadening the investor base and facilitating cross-border capital flows, the initiative has the potential to strengthen financial markets, increase liquidity, and enhance investor confidence. As Pakistan continues its economic reform journey, the government’s message to the global investment community is clear: the country is open for business, with a growing digital infrastructure and an evolving financial ecosystem designed to support international participation.

The Roshan Digital Account (RDA) initiative has surpassed a major milestone, with total inflows crossing USD 12 billion as of February 10, 2026, according to the State Bank of Pakistan. Data released by SBP shows that inflows had reached USD 11.707 billion by the end of December 2025, with additional growth recorded in the first weeks of 2026, pushing the cumulative total beyond the USD 12 billion mark. Since its launch in September 2020, more than 900,000 accounts have been opened by overseas Pakistanis under the initiative. The central bank expressed appreciation to the Pakistani diaspora for their continued trust and participation. According to SBP, the consistent rise in inflows reflects sustained confidence in the RDA framework and highlights the important role overseas Pakistanis play in supporting the country’s foreign exchange reserves and financial stability. Introduced to facilitate non-resident Pakistanis, the Roshan Digital Account enables overseas individuals to open bank accounts remotely through participating commercial banks in Pakistan. The platform offers a range of services, including fund transfers, bill payments, and access to investment products such as Naya Pakistan Certificates and other financial instruments. In addition to simplifying remittance flows, the RDA platform provides overseas Pakistanis with a secure and regulated channel to invest and manage their financial interests in Pakistan. The continued growth in accounts and inflows underscores the programme’s relevance in strengthening financial inclusion and deepening diaspora engagement with the domestic economy.

The inflow of overseas workers’ remittances into Pakistan stood at $3.59 billion in December 2025, the State Bank of Pakistan (SBP) data showed on Friday. Remittances increased by nearly 16.5% year-on-year (YoY), compared to $3.1 billion recorded in the same month last year. Monthly remittances were up by 13%, compared to $3.2 billion in November. During the first six months of the fiscal year (1HFY26), remittance inflows stood at $19.7 billion, up from $17.8 billion in 1HFY25, a jump of 11%. Remittances growth momentum is continuing on the back of higher manpower exports in previous years, lower differential in formal and informal exchange market and continuation of remittances incentive package,” said Topline Securities, in a note. “We maintain our FY26 remittances target of $41 billion, up 7.5% from the FY25 level of $38 billion,” it added. Remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity, and supplementing the disposable incomes of remittance-dependent households. Meanwhile, the government promotes remittances through incentives and formal channels to sustain steady growth and ensure their role in economic stability. Back in August, SBP noted that since 2009, the Pakistan Remittance Initiative (PRI) has been working to enhance home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on the PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, Electronic Money Institutions (EMIs) are also allowed to receive home remittances through banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. Breakdown of remittances Overseas Pakistanis in Saudi Arabia remitted the largest amount in December 2025 as they sent $813 million during the month. The amount was up 6% on a yearly basis, and 8% above the $753 million sent by the expatriates in November. Inflows from the United Arab Emirates (UAE) rose by 15% on a yearly basis, from $631 million to $726 million in December 2025. Remittances from the UK amounted to $560 million during December 2025, up by 16% compared to $481 million in November 2025. YoY inflows from the UK were up by 28%. Overseas Pakistanis in the US sent $302 million in December 2025, a YoY decrease of 1%, but up 9% on a monthly basis. Meanwhile, remittances from European Union (EU) countries clocked in at $499 million in December, recording a significant increase of 39% on a yearly basis.

Pakistan recorded $205 million in gross inflows through the Roshan Digital Account (RDA) in October 2025, pushing the cumulative total since the programme’s launch in September 2020 to a strong $11.313 billion, as per newly released State Bank of Pakistan statistics. The October figure stands above both trend benchmarks: the six-month average of $189 million and the long-term average of $182 million, indicating a renewed pickup in RDA momentum, according to Topline Research. On the net side, inflows reached $180 million — again outperforming the six-month average of $165 million and the overall average of $152 million. This consistent outperformance across both gross and net indicators signals sustained trust and engagement from overseas Pakistanis, even as global economic conditions remain mixed.

The inflow of overseas workers’ remittances into Pakistan stood at $3.4 billion in October 2025, the State Bank of Pakistan (SBP) data showed on Friday. Remittances increased by nearly 12% year-on-year (YoY), compared to $3.1 billion recorded in the same month last year. On a monthly basis, remittances were up over 7%, compared to $3.2 billion in September. During the first four months of the fiscal year (4MFY26), remittance inflows stood at $12.9 billion, as compared to $11.9 billion in 4MFY25, a jump of 9.3%. Remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity, and supplementing the disposable incomes of remittance-dependent households. Meanwhile, the government promotes remittances through incentives and formal channels to sustain steady growth and ensure their role in economic stability. In a statement, Prime Minister Shehbaz Sharif expressed gratitude to overseas Pakistanis for the rise in remittances during October. “The gradual increase in remittances reflects the confidence of overseas Pakistanis in the government’s policies,” he said, adding that they are the country’s most valuable asset. Back in August, SBP noted that since 2009, the Pakistan Remittance Initiative (PRI) has been working towards the enhancement of home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on the PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, the Electronic Money Institutions (EMIs) are also allowed to receive home remittances by working through the banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. Breakdown of remittances Overseas Pakistanis in Saudi Arabia remitted the largest amount in October 2025 as they sent $821 million during the month. The amount was up 9% on a monthly basis, and 7% higher than the $767 million sent by the expatriates in the same month of the previous year. Inflows from the United Arab Emirates (UAE) rose by 12% on a yearly basis, from $621 million to $698 million in October 2025. Remittances from the United Kingdom (UK) amounted to $488 million during October 2025, up by 7% compared to $455 million in September 2025. YoY inflows from the UK were up by 13%. Overseas Pakistanis in the US sent $290 million in October 2025, a YoY decrease of 4%, but up 8% on a monthly basis. Meanwhile, remittances from European Union (EU) countries clocked in at $457 million in October, recording a significant increase of 27% on a yearly basis.

Pakistan received $3.2 billion in workers’ remittances in September 2025, according to data released by the State Bank of Pakistan (SBP). The inflow reflects an 11.3% year-on-year (YoY) increase compared to $2.9 billion in September 2024, and a 1% month-on-month (MoM) rise from August 2025’s $3.1 billion. Cumulatively, remittances during the first quarter of FY26 (July–September 2025) reached $9.5 billion, up 8.4% from $8.8 billion in the corresponding period of FY25. This sustained growth continues to underpin Pakistan’s external sector stability, providing critical foreign exchange support amid ongoing fiscal pressures and limited export diversification. Economic and Policy Implications Remittances remain one of Pakistan’s most stable external financing sources, offsetting the trade deficit and easing pressure on the rupee. They also serve as a key driver of domestic consumption, particularly among remittance-dependent households, effectively acting as a social stabilizer during inflationary periods. Advisor to the Finance Minister, Khurram Schehzad, projected that annual remittances could exceed $41 billion in FY26, surpassing the $38.3 billion received in FY25. He emphasized that remittances “serve as a lifeline for millions of households and a pillar of economic resilience,” reflecting both the diaspora’s confidence and the effectiveness of formal remittance channels. Institutional Strengthening of the Remittance Ecosystem The SBP highlighted ongoing efforts under the Pakistan Remittance Initiative (PRI) — launched in 2009 to promote remittance inflows through regulated financial channels. The number of financial institutions (FIs) integrated with the PRI network has expanded from 25 in 2009 to over 50 in 2024, encompassing conventional banks, Islamic banks, microfinance banks, and exchange companies. Additionally, the participation of Electronic Money Institutions (EMIs) has broadened the ecosystem’s reach, allowing international remitters to send funds through digital pathways. The number of international partners linked with Pakistani institutions has grown almost tenfold — from 45 in 2009 to around 400 today — underscoring Pakistan’s increasing integration with global remittance corridors. Geographic Breakdown of Inflows Analytical Outlook The upward trend signals a renewed confidence among overseas Pakistanis, likely supported by improved digital remittance channels, competitive exchange rates, and seasonal demand during Q1 of the fiscal year. However, sustaining this growth will depend on macroeconomic stability, policy continuity, and continued trust in the banking system. If current momentum persists, Pakistan could witness record-high remittance inflows, providing a critical buffer against external vulnerabilities and supporting the government’s broader digital and financial inclusion agenda.

The inflow of overseas workers’ remittances into Pakistan stood at $3.2 billion in July 2025, the State Bank of Pakistan (SBP) data showed on Friday. Remittances increased by 7.4% year over year, compared to $3 billion recorded in the same month last year. On a monthly basis, remittances were down 6%, compared to $3.4 billion in June. Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households. “Remittance inflows have improved due to stricter foreign exchange regulations and enhanced monitoring of the open market by law enforcement, which helped reduce the gap between interbank and open market rates,” Waqas Ghani, Head of Research at JS Global, told Business Recorder. This has incentivised senders to use formal channels, boosting the monthly run rate, he maintained. The analyst shared that the monthly remittance run rate has increased from $2.5 billion in FY24 to $3.2 billion in FY25. Meanwhile, Sana Tawfik of Arif Habib Limited said remittance inflows were higher in June due to the Eid factor, which has since normalised, leading to a month-on-month decline. “This is the highest remittance inflow recorded in July,” she informed, attributing the increase to a rise in the number of workers going abroad, stable exchange parity and a narrow spread between the interbank and open market. “We expect remittance inflows to reach $39-40 billion in FY26, which is in line with SBP’s projections,” added Tawfik. Breakdown of remittances Overseas Pakistanis in Saudi Arabia remitted the largest amount in July 2025 as they sent $823.7 million during the month. The amount was nearly 8% higher than the $760 million sent by the expatriates in the same month of the previous year. Inflows from the United Arab Emirates (UAE) inched up by 9% on a yearly basis, from $611.2 million to $665.2 million in July. On a monthly basis, remittances dropped 7%, as compared to $717.2 million reported in June. Remittances from the United Kingdom amounted to $450.4 million during the month, down by 16% compared to $537.6 million in June 2025. YoY inflows from the UK improved by 2%. Overseas Pakistanis in the US sent $269.6 million in July 2025, a MoM decrease of 4% and 10% YoY.

The State Bank of Pakistan (SBP) has launched the Real-Time Interbank Settlement Mechanism Plus (PRISM+), a next-generation payment system aimed at modernising the country’s financial infrastructure. By adopting the ISO 20022 international messaging standard, Pakistan has joined a select group of nations that use this globally recognised protocol for both high-value transactions and retail payments. The new system brings several advanced features, including real-time liquidity management, transaction prioritisation, and the ability to pre-schedule payments. PRISM+ is also fully integrated with the Central Securities Depository, enabling broader financial market functions and enhancing operational efficiency. At the system’s inauguration, held at the National Institute of Banking and Finance (NIBAF) in Karachi, SBP Governor Jameel Ahmad highlighted PRISM+ as a milestone in strengthening Pakistan’s payments landscape. “With PRISM+, we are enhancing both capacity and efficiency to meet the growing needs of the financial market,” he said. The governor credited the World Bank Group’s support under the Financial Inclusion and Infrastructure Project, along with the contributions of SBP’s team, commercial banks, and technology partners, for making PRISM+ a reality. He noted that the original PRISM had already processed transactions exceeding ten times the country’s GDP in the last fiscal year, underlining the critical role of such systems in Pakistan’s economy. Governor Ahmad also emphasised the SBP’s commitment to ensuring cybersecurity, anti-money laundering (AML) compliance, and fraud management controls, reinforcing trust in the financial system. Sharing the scale of Pakistan’s digital financial ecosystem, he stated that the country now hosts over 225 million bank and digital wallet accounts, including 96 million unique users, 28 million mobile banking app users, 71 million branchless banking users, and 17 million internet banking users.

Across Asia, QR code-based payments are transforming the way small and large businesses accept money. Driven by national P2M (Person-to-Merchant) QR standards, countries are enabling millions of merchants—especially in retail and micro-enterprises—to go digital without costly POS devices. From China and India’s massive networks to Indonesia’s 38 million QRIS merchants, the region is setting the pace for financial inclusion through low-cost, interoperable payment systems. Now, Pakistan has emerged as a fast mover, onboarding over 770,000 merchants under its Raast P2M QR system within just three years. This article highlights the latest adoption figures and trends across eight leading Asian economies that are reshaping the cashless commerce landscape. China leads globally with hundreds of millions of merchants—ranging from street vendors to large retailers—accepting QR payments via Alipay and WeChat Pay. Over 95% of mobile users routinely scan QR codes for in-person purchases. India’s Unified Payments Interface (UPI) ecosystem, including the BharatQR standard, supports tens of millions of merchants, spanning both online and offline channels. Billions of QR‑based transactions are processed daily. Bank Indonesia’s QRIS unified standard (launched August 2019) reached approximately 38.1 million merchants by early 2025 . 56.3 million users, handling 2.6 billion transactions worth Rp 262.1 trillion in Q1 2025. QRIS Tap (NFC-based) enabled 1.4 million merchants as of launch . The Philippines’ national EMV‑based QR standard (QR PH) onboarded around 473,000 merchant locations by April 2022, with fast growth through BSP’s InstaPay and bank adoption. Thailand’s PromptPay (with ThaiQR merchant‑scan capability) launched in 2017. As of 2019, it had around 43 million user subscribers; merchant and POS network continues to grow, primarily through widespread smartphone adoption. The VietQR standard (2021 launch) is still scaling across banks and e‑wallets. While specific merchant counts for 2025 aren’t published, widespread wallet interoperability and ASEAN linkage indicate rapidly expanding acceptance, especially in urban and tourist zones with almost Over 650,000 Acceptance Points Launched in March 2019. As of 2024, over 350,000 merchant points accept LankaQR, including UPI‑linked merchants targeting Indian tourists Launched by the State Bank of Pakistan in March 2022, integrated into Raast. As of Q3 FY25 (~April–June 2025): 770,000 merchants onboarded for P2M QR code acceptance. 1.5 million QR‑based transactions processed in that quarter—PKR 4.5 billion in value. These merchants are part of Pakistan’s broader digital payment momentum: in Q3 FY25, 89% of retail payments (volume) moved through digital channels (~1.686 billion transactions), including PKR 27 trillion in value via mobile/QR wallets. QR‑based merchant payments alone accounted for 21.7 million transactions worth PKR 61 billion in Q3 FY25 Summary of Merchant Onboarding Country QR P2M System Merchant Count (most recent) China Alipay / WeChat QR Hundreds of millionsIndia UPI + BharatQR Tens of millionsIndonesia QRIS 38.1 million merchants (2025)Philippines QR PH 473,000 merchants and expandingThailand ThaiQR / PromptPay Tens of millions estimatedVietnam VietQR Over 650,000 Acceptance PointsSri Lanka LankaQR 350,000 merchant points (2024)Pakistan Raast P2M QR 770,000 merchants (Q3 FY25) Analysis & Key Insights Growth & Scale Indonesia leads regional merchant deployment with over 38 million onboarded. China and India, with their massive user ecosystems, host far larger merchant networks. Pakistan is catching up fast—starting QR payments in 2022 and already hitting 770,000 merchants by mid‑2025. Gaps & Potential Pakistan’s QR merchant penetration remains modest relative to MSME base (~5 million retailers), suggesting scope for further device and agent-led onboarding. In contrast, Indonesia and Thailand have normalized QR acceptance even among street vendors and micro‑merchants. Interoperability Outlook ASEAN cross-border QR linkage is live for QRIS, ThaiQR, VietQR, and QR PH, enhancing frictionless payment for tourists and merchants . Pakistan may explore cross-border QR use via integration with international wallets or remittance-linked QR systems in future policy phases. In a landscape Indonesia leads in merchant penetration (~38 M), followed by India and China at massive scale. Pakistan, though newer, is rapidly scaling: 770,000 merchants onboarded and playing a growing role in national digital retail infrastructure.