aik by BankIslami has proudly introduced aikPay, Pakistan’s first Shariah Compliant Raast QR Payment Gateway. This innovative solution, built upon the robust State Bank of Pakistan’s Raast infrastructure, facilitates real-time online payments. Consequently, users can pay instantly from their bank accounts via dynamic QR codes, while merchants enjoy secure, seamless checkout experiences. This significant launch of the Shariah Compliant Raast QR system marks a new era in digital financial services.
Pioneering Digital Payments in Pakistan
The introduction of aikPay followed a pivotal engagement session led by aik. Esteemed representatives from the State Bank of Pakistan and Raast attended this crucial meeting. Specifically, Muhammad Imaduddin, Director of Digital Innovations & Settlement at SBP, and Ahson bin Saeed, CEO of Raast Payments Pakistan, were present. Furthermore, Sohail Sikandar, Chief Operations Officer of BankIslami, and Ashfaque Ahmed, Chief Officer of aik, joined the discussion alongside other key team members. This collaborative effort underscores a commitment to advancing digital solutions.
Driving Riba-Free Digital Banking
Ashfaque Ahmed, Chief Officer of aik, emphasized the growing importance of digital transactions. He stated, “The world is shifting rapidly with technology, and digital payments have become an everyday habit.” Moreover, he highlighted aik’s core mission: “At aik, we remain steadfast in our mission to promote Riba-free digital banking and support Pakistan’s national direction towards a digital economy by offering innovative solutions that make everyday transactions smoother, faster, and more seamless.” This vision aligns perfectly with national economic goals.
Benefits of the Shariah Compliant Raast QR Gateway
With aikPay, customers experience enhanced convenience for online shopping. They can easily pay using any Raast-enabled mobile banking app, benefiting from instant transaction confirmation and a card-free checkout. Merchants also gain substantial advantages. For instance, they achieve wider nationwide reach through Raast interoperability and receive real-time payment confirmation. Importantly, instant settlement improves liquidity, and competitive MDR rates ensure low-cost payment acceptance. Consequently, aikPay stands as a scalable solution ideal for:
- SMEs (Small and Medium-sized Enterprises)
- Online Businesses
- Institutions
- Government Entities
Ultimately, this Shariah Compliant Raast QR gateway fosters economic growth and digital inclusion across Pakistan.
