By Moaaz Manzoor

Pakistan’s instant payment system, Raast, processed 646 million transactions amounting to Rs18 trillion during the second quarter of fiscal year 2025-26, reflecting continued expansion in real-time digital payments. According to the Payment Systems Quarterly Review for Q2 FY26, available with Wealth Pakistan, Raast has shown steady growth across its use cases, including person-to-person (P2P), person-to-merchant (P2M), and bulk payments.

The system has been gaining traction as a key component of the country’s digital payments infrastructure. During the quarter under review, P2P transactions remained the dominant segment within Raast. The number of P2P transactions reached 603 million, registering a 13% increase compared to the previous quarter. In value terms, these transactions amounted to Rs16 trillion, showing a significant rise of 39% on a quarterly basis. The report indicates that the scale of Raast usage has increased considerably over time.

On average, the system processed around 7 million transactions per day during the quarter, compared to 6 million in the previous quarter and approximately 3 million in the same quarter last year. In addition to P2P transfers, Raast’s P2M service has also expanded during the period. More than 2.1 million merchants were onboarded or registered for P2M payments by the end of December 2025. This reflects the growing integration of digital payment acceptance among businesses using the instant payment platform.

Bulk payments processed through Raast also recorded growth during the quarter. These transactions are typically used for disbursements such as salaries, government payments, and other institutional transfers. The number and value of bulk transactions increased compared to previous periods, contributing to the overall expansion of the system. The report highlights that Raast enables users to make instant payments using bank accounts or digital wallets without the need for physical instruments.

The system supports interoperability across participating financial institutions, allowing transactions between different banks and payment service providers. Raast’s growth is supported by increasing adoption among individuals, businesses, and institutions, as well as integration with various digital payment channels. The platform facilitates transfers to individuals, merchant payments, and bulk disbursements through a unified system operating in real time.

The quarterly data shows that Raast continues to expand in both volume and value, reflecting its role in facilitating fast and secure digital transactions. Its increasing usage across different segments indicates its growing importance within Pakistan’s payment ecosystem. Overall, the performance of Raast during Q2 FY26 highlights the continued development of instant payment infrastructure in the country, with rising transaction volumes, expanding merchant participation, and increasing daily usage levels.

Credit: INP-WealthPk