Dr. Umar Saif, the acting IT and telecom minister, met with Waqas Al Hasan, the CEO of Karandaaz, in order to boost Pakistan’s use of digital payment methods. Dr. Umar Saif and Karandaaz’s collaborative work demonstrated a lot of advancement during their conversation. The State Bank of Pakistan (SBP) and Karandaaz together deciding to support Pakistan’s Digital Payment System was the meeting’s most important outcome.
The State Bank of Pakistan and Karandaaz would be crucial in guiding Pakistan toward a digitalized economy, Dr. Umar Saif stressed. He emphasized how this breakthrough will make digital payments simpler and more accessible for all citizens. Dr. Saif went on to say that the next digital payment system would take the place of cash for routine transactions, simplifying financial operations and making shopping easier.
The acting IT minister further disclosed that Raast has been effectively implemented in Pakistan by Karandaaz and SBP, with an estimated 30 million people benefiting from it.
With SBP leading projects like Raast and Digital Financial Services (DFS), Pakistan has started on a transformative path in the area of digital payments. The introduction of Karandaaz, a special-purpose vehicle operated by a not-for-profit organization, is expected to significantly increase the promotion of digital payments.
Karandaaz, which was established in August 2014 under Section 42, serves as an implementation partner for the Sustainable Energy & Economic Development Programme and the Enterprise & Asset Growth Programme of the UK’s Foreign Commonwealth & Development Office. Through technology-driven solutions, the company promotes financial inclusion and, through a dual-focus investment platform, increases access to capital for micro, small, and medium-sized businesses.