Spearheading the shift to digital finance
The framework for Digital Nation Pakistan was articulated through three core pillars: Digital Economy, Digital Society, and Digital Governance. The discussions emphasised the role of the Pakistan Digital Stack as a linchpin in this transformation, inspired by successful implementations in nations like Estonia, Singapore, and UAE, and initiatives like ITU GovStack.
Pakistan Digital Stack
A digital stack is a layered architecture of interoperable services that modernizes government operations, enhances service delivery, and fosters innovation. The Pakistan Digital Stack aims to transform public and private sectors, driving economic growth and inclusive governance.
Pakistan's Instant Payment System - RAAST
Karandaaz supported the State Bank of Pakistan in creating Raast, an instant payment system enabling low-cost, interoperable digital transactions across various financial service providers. Raast promotes financial inclusion, connecting merchants, businesses, SMEs, consumers, and government entities to banks, fintechs, and microfinance institutions.
Raast Merchant Onboarding Entity (MOE)
Raast, Pakistan’s instant payment system, uses Raast IDs, IBANs, QR codes, and USSD for merchant payments. Karandaaz, with SBP support, is piloting a programme to onboard tier 2 and 3 retailers, aiming to create a cashless retail ecosystem. Experienced entities are invited to help implement this initiative and drive digital payment adoption.
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