JazzCash has onboarded 1.7 million merchants onto the State Bank of Pakistan’s interoperable Raast QR payment network, strengthening its position as one of the country’s largest digital payment acceptance platforms.
The milestone comes as Pakistan accelerates efforts to reduce reliance on cash and bring more small businesses and informal retailers into the formal digital financial system. JazzCash is now targeting 2 million digitally enabled merchants by the end of 2026.
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Key Takeaways
- JazzCash Raast merchants: 1.7 million
- Target by end-2026: 2 million merchants
- Network growth: Around 900,000 merchants in January to 1.7 million by July
- Monthly QR payment volume: Nearly PKR 150 billion
- Pakistan’s MSME base: More than 5 million
- JazzCash customers: More than 62 million
- Payment infrastructure: SBP’s interoperable Raast QR network
- Key objective: Expand digital payments and reduce dependence on cash
JazzCash Merchant Network Nearly Doubles in Six Months
JazzCash’s merchant network has expanded rapidly during 2026.
According to JazzCash Chief Product Officer Aamir Aftab, the number of merchants connected to the Raast QR network increased from approximately 900,000 in January to 1.7 million by July.
That represents almost a doubling of the merchant base in just six months. The network now processes close to PKR 150 billion per month in QR payments, indicating that QR-based transactions are becoming increasingly important for everyday commerce.
The growth follows JazzCash’s earlier milestone of onboarding its one-millionth Raast QR-enabled merchant in March 2026.
JazzCash Targets 2 Million Digital Merchants
The company is not stopping at 1.7 million.
JazzCash aims to expand its Raast-enabled merchant network to 2 million by the end of 2026, further increasing the number of businesses capable of accepting interoperable digital payments.
The expansion covers a broad range of businesses, including corner shops, micro-enterprises, retailers and other small merchants.
For many of these businesses, accepting digital payments can be an important first step toward developing a formal transaction history.
Raast Connects Merchants Across Pakistan’s Financial System
Raast is Pakistan’s national instant payment system operated under the State Bank of Pakistan’s payment infrastructure.
Its Person-to-Merchant, or P2M, service allows businesses to accept payments through interoperable QR codes, Raast aliases, IBANs and Request-to-Pay functionality. This means customers can make payments to participating merchants through different banks and regulated financial institutions rather than being restricted to a single wallet or payment provider.
The interoperability is particularly important for small merchants because it reduces fragmentation within Pakistan’s digital payment ecosystem.
From Cash Transactions to Digital Records
One of the most significant implications of merchant digitization is the creation of transaction records.
Aamir Aftab said many merchants joining the network previously had no documented history of their businesses, adding that this can become an important first step toward accessing formal credit.
Digital transaction records can potentially help small businesses demonstrate cash flow, establish financial histories and interact more effectively with formal financial institutions.
This makes merchant QR adoption more than simply a replacement for cash.
Digital Payments Could Help Document the Informal Economy
Pakistan has a large informal economic sector, with millions of micro and small businesses operating partly or entirely through cash transactions.
Business Recorder reported that Pakistan has more than 5 million micro, small and medium enterprises, while fewer than one-quarter have a digital footprint.
Bringing more of these businesses onto digital payment infrastructure could create a larger trail of verifiable commercial activity.
The government’s broader Cashless Pakistan initiative has similarly linked digital payments with economic documentation and financial inclusion. In July, the government said active merchants accepting digital payments had increased to more than 2 million, while annual digital transactions had risen to 11.3 billion.
SBP Has Made Merchant Digitization a Policy Priority
The State Bank has been actively pushing the expansion of Raast merchant payments.
In its 2025 instructions supporting the government’s cashless-economy initiative, SBP directed regulated entities to promote merchant onboarding and enable businesses to receive payments through Raast QR codes.
SBP’s Raast P2M framework was introduced specifically to accelerate the digitization of merchant and business transactions.
The system supports multiple payment acceptance methods, including static and dynamic QR codes, merchant aliases, IBAN and Request-to-Pay functionality.
Why QR Payments Matter for Small Businesses
QR payments offer a relatively simple way for small retailers to accept digital transactions without investing in traditional point-of-sale terminals.
A merchant can display a QR code at a shop or business location, allowing customers to make payments through participating banking and financial apps.
For businesses that previously operated almost entirely in cash, this can provide several benefits:
- Faster digital payment collection
- Reduced dependence on physical cash
- Better transaction records
- Greater access to formal financial services
- Easier reconciliation of sales
- Potentially improved access to credit
SBP describes Raast as a low-cost, interoperable infrastructure designed specifically to support everyday retail payments.
JazzCash’s Wider Digital Payments Expansion
The 1.7 million-merchant milestone forms part of JazzCash’s broader expansion as a digital financial services platform.
JazzCash now serves more than 62 million customers, while its gross transaction value reached PKR 19.6 trillion in the 12 months to June 2026, according to company figures.
The company has also expanded beyond basic wallet and money-transfer services into digital lending, insurance and online payment solutions.
Its growing merchant acceptance network gives JazzCash a significant position in Pakistan’s evolving digital payments ecosystem.
From Informal Commerce to Formal Finance
Merchant digitization could also have longer-term implications for access to finance.
Small businesses often face difficulties obtaining formal credit because they lack documented financial statements, transaction histories or sufficient collateral.
Regular digital payments can create an alternative source of information about business activity.
This does not automatically guarantee access to credit, but it can provide financial institutions with more data when assessing a merchant’s cash flow and repayment capacity.
For Pakistan’s large small-business sector, that could make digital payment adoption an important bridge between informal commerce and formal financial services.
Cashless Economy Push Gains Momentum
JazzCash’s expansion comes as Pakistan’s government and financial regulators continue to promote a broader transition toward digital payments.
The government’s Cashless Pakistan initiative is built around converting cash transactions into digital channels, expanding financial inclusion and increasing adoption of digital payments across businesses and consumers.
The growth of Raast QR acceptance therefore fits into a wider national strategy rather than being limited to a single fintech platform.
What 2 Million Merchants Could Mean
If JazzCash reaches its target of 2 million Raast-enabled merchants, its network would represent a substantial share of Pakistan’s retail and micro-business payment infrastructure.
The larger network could increase the usefulness of QR payments by making them more visible and accessible in everyday locations such as neighbourhood stores, markets, restaurants and small service businesses.
The bigger challenge will be ensuring that merchants and customers continue to use digital payments regularly rather than simply being registered on the network.
Why This Matters
JazzCash’s 1.7 million-merchant milestone demonstrates how quickly digital payment acceptance can expand when mobile wallets, regulated financial institutions and national payment infrastructure operate together.
For Pakistan, the bigger opportunity is the potential to turn millions of previously cash-based transactions into traceable digital activity.
That could support financial inclusion, improve access to formal credit and strengthen efforts to document economic activity.
With JazzCash targeting 2 million merchants by the end of 2026, the next phase will be less about simply onboarding businesses and more about making digital payments a routine part of everyday commerce.
FAQs
How many merchants has JazzCash onboarded onto Raast?
JazzCash has onboarded 1.7 million merchants onto its Raast QR-enabled network, according to recent company and media reporting.
What is JazzCash’s merchant target for 2026?
JazzCash is targeting 2 million digitally enabled merchants by the end of 2026.
What is Raast?
Raast is Pakistan’s national instant payment system. It enables real-time digital payments between individuals, businesses and government entities and supports interoperable retail payment services.
What is Raast P2M?
Raast P2M stands for Person-to-Merchant. It allows businesses to receive digital payments using methods including QR codes, merchant aliases, IBANs and Request-to-Pay functionality.
How much do JazzCash merchants process through QR payments?
JazzCash’s Raast merchant network processes close to PKR 150 billion per month in QR payments, according to Chief Product Officer Aamir Aftab.
Can digital payment records help small businesses obtain credit?
Digital transaction histories can provide financial institutions with additional information about a business’s cash flow and activity. JazzCash has described merchant digitization as a potential first step toward formal credit access.
Is Raast only available to JazzCash customers?
No. Raast is designed as an interoperable national payment infrastructure. Participating banks and regulated financial institutions can connect to the system, allowing customers to make payments across participating providers.
