Mashreq Becomes First New Digital Bank in Pakistan to Offer Raast P2M Services

KARACHI – Mashreq Pakistan has become the country’s first newly launched digital bank to offer the full suite of Raast services, including Raast Person-to-Merchant (P2M) payments. Launched in August 2026, the service allows merchants to receive instant payments through Raast QR codes, while customers can scan and pay through Mashreq’s digital banking channels. Customers of other Raast-enabled banks can also make payments to Mashreq-enabled merchants.

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The service is designed for businesses ranging from grocery stores and restaurants to retailers, service providers and e-commerce businesses. Sole proprietors and self-employed professionals can also open Mashreq NEOBiz accounts and become Raast P2M merchants, giving smaller businesses access to account-based digital payment acceptance.

Mashreq Pakistan said the initiative is aimed at accelerating digital payment adoption, expanding merchant acceptance and supporting the transition toward a more digitally connected and cashless economy. The bank also plans to introduce cashback offers, rewards and promotional campaigns, while its future Raast roadmap includes Request-to-Pay capabilities for online and e-commerce merchants.

Mashreq’s Raast platform is built on a digital architecture compliant with ISO 20022 messaging standards and aligned with international SWIFT standards. According to the bank, the architecture is designed to support interoperability, transparency and security as Pakistan’s digital payments ecosystem expands, while helping increase participation in the formal financial system and making instant payments more accessible to consumers and businesses.

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