JazzCash Targets 2 Million Raast QR Merchants By Year End

JazzCash is targeting 2 million merchants on Pakistan’s interoperable Raast QR payment network by the end of 2026, as the country accelerates efforts to expand digital payments and reduce reliance on cash.

The company’s network of Raast QR-enabled merchants has reached 1.9 million, up from fewer than one million at the beginning of the year, according to JazzCash Chief Executive Officer Murtaza Ali. He shared the update during a panel discussion on merchant adoption of digital payments at the International Association of Money Transfer Networks (IAMTN) Annual Summit 2026.

Cashless Pakistan and Interoperable Infrastructure

The expansion is taking place under the government’s Cashless Pakistan initiative, supported by the State Bank of Pakistan’s Raast instant payment infrastructure. The system enables customers of different banks and payment providers to make interoperable digital payments through a common network.

JazzCash said QR payments offer small businesses a lower-cost alternative to conventional point-of-sale terminals. Corner shops, salons and home-based businesses can accept digital payments without investing in specialised payment hardware, potentially making digital transactions more accessible to smaller merchants.

Formalization and Financial Inclusion Benefits

Murtaza highlighted the importance of affordability and timely settlement for small businesses operating on narrow profit margins. Wider acceptance of QR payments could help bring more retail transactions into the formal economy while creating digital records of business activity.

These records may also help merchants build transaction histories that could support access to formal credit and working-capital financing. Pakistan has millions of micro, small and medium-sized enterprises, many of which have historically operated with limited digital payment infrastructure.

AI Integration and Cybersecurity Frameworks

The company also sees opportunities to expand digital financial services beyond payments. Murtaza said artificial intelligence could make financial applications more conversational, allowing customers to access services such as payments, savings, investments and credit through more personalised interactions.

He cautioned that wider AI adoption would require stronger cybersecurity and protection of customer data. Trust, data security and reliable service delivery will remain important as digital financial products become more sophisticated.

JazzCash’s merchant expansion forms part of Pakistan’s broader push to promote financial inclusion, document economic activity and improve access to digital financial services. Achieving its year-end target would further expand the network through which small businesses can receive interoperable digital payments.