SECP Mandates Digital Payments Across Financial Market Outlets

The Securities and Exchange Commission of Pakistan (SECP) has set the clock ticking for companies under its watch. By October 31, 2025, all regulated entities must adopt digital payment options, a move the regulator says will push the country closer to a cashless future.

The directive covers a wide net of institutions, from insurance firms and securities brokers to Non-Banking Finance Companies (NBFCs) and Modarabas. Each of these players will now be required to offer and display digital payment methods, particularly the State Bank’s Raast QR code, at every customer-facing outlet. Businesses won’t be allowed to refuse digital transactions once the new rules come into force.

SECP Digital Payments: A Push for Transparency and Inclusion

This step is part of a broader national strategy: reducing reliance on cash, widening access to financial services, and making transactions traceable. SECP officials stressed that digital channels not only cut costs for businesses but also reduce friction for customers who often face hurdles when paying through traditional methods.

“Digital payments bring efficiency, transparency, and trust,” an SECP official familiar with the directive noted. “This isn’t just about technology; it’s about transforming how financial markets operate.”

For years, Pakistan has struggled to balance its appetite for innovation with a stubborn dependence on cash. While Raast has seen remarkable growth in peer-to-peer transfers, its use at the retail and institutional level has lagged. Analysts believe SECP’s directive could finally nudge regulated firms into mainstream adoption.

Free Tools, Few Excuses

To ease the transition, SECP has urged all stakeholders to work with their partner banks, microfinance institutions, and electronic money issuers (EMIs) to secure their Raast QR codes. These codes are available free of charge, eliminating a common barrier for smaller firms reluctant to invest in digital infrastructure.

Still, challenges remain. Integrating digital solutions into existing business systems requires backend adjustments and staff training. In some areas, particularly smaller towns, customers may also need guidance on how to use QR payments.

The infrastructure is there, but awareness is still patchy. The success of this directive will depend on whether businesses can convince their customers to actually use these tools.

SECP Digital Payments Initiative: Why It Matters

Pakistan’s government has been leaning heavily on digitization as a way to curb the informal cash economy and improve tax collection. The SECP’s move is another piece of that puzzle. By forcing regulated firms to accept digital payments, authorities hope to build habits that ripple outwards into other sectors of the economy.

Industry watchers say the initiative could also help smaller investors and insurance clients, who often complain about opaque cash dealings. Digital records, they argue, leave less room for disputes and improve trust between firms and their customers.

Looking Ahead

With the deadline just two months away, financial institutions are now under pressure to get their systems in place. Larger players are expected to meet the timeline comfortably, but mid-tier firms, especially smaller brokers and NBFCs, may find the adjustment harder.

For customers, however, the impact could be immediate: no more being told “cash only” at regulated outlets. Instead, a simple scan of a Raast QR code could soon become the norm.

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