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September 7, 2026
JazzCash has onboarded 1.7 million merchants onto Pakistan’s Raast QR network and is targeting 2 million digital merchants by the end of 2026, supporting the country’s shift toward a more documented and cashless economy.
JazzCash has reached a major milestone in Pakistan’s digital payments sector by onboarding 1.7 million merchants onto the State Bank of Pakistan’s Raast interoperable QR network. The company is targeting 2 million digital merchants by the end of 2026.
The development comes as Pakistan seeks to document its large informal economy and expand digital financial inclusion among small businesses. According to Business Recorder, Pakistan has more than 5 million micro, small and medium enterprises, but fewer than a quarter currently have a digital footprint.
JazzCash Chief Product Officer Aamir Aftab said the company’s merchant network grew from approximately 900,000 in January to 1.7 million by July, nearly doubling within six months. The network now processes close to PKR 150 billion in QR payments each month.
“Most of these merchants have never had a documented history of their own business before,” Aftab said, describing digital records as “the first step toward things like formal credit.”
The expansion is bringing digital payment facilities to businesses that have traditionally had limited access to formal financial infrastructure. JazzCash’s QR network is now significantly larger than Pakistan’s card-terminal network, enabling kiryana stores, beauty salons, home-based businesses and other micro-enterprises to accept digital payments without purchasing traditional point-of-sale terminals.
The Express Tribune has also reported on JazzCash’s growing role in Pakistan’s digital payments ecosystem and its contribution to financial inclusion.
Merchants are onboarded through the JazzCash Business App, where they complete digital identity and biometric verification. Field teams assist merchants who need additional guidance, particularly those unfamiliar with digital financial services.
The next challenge is expanding beyond major cities. Higher acquisition costs and lower levels of digital confidence in smaller towns and rural areas could slow the pace of onboarding.
JazzCash is also developing services beyond payments. The company is working with the Ministry of Finance to enable users to invest directly in government Treasury Bills through its app. This could make formal savings and investment products accessible to a broader customer base.
In addition, JazzCash Bazar, being developed with Huawei, aims to help merchants create digital storefronts without requiring their own websites.
“The end goal isn’t just payments,” Aftab said. The company aims to create financial records for millions of small businesses, potentially helping them access credit, insurance and investment opportunities.
JazzCash’s expansion therefore represents more than the growth of a payment network. It reflects a broader effort to digitise everyday commerce, strengthen financial inclusion and connect Pakistan’s informal businesses with the formal economy.
