Photo: Naeem Subhani / Wikimedia Commons ↗, CC BY 3.0 ↗

KARACHI, September 20, 2026 — Mashreq Bank Pakistan, the digital retail bank owned by the UAE’s Mashreq, says it now offers Raast Person-to-Merchant (P2M) payments. Its customers can scan a merchant’s Raast QR code to pay, and merchants with a Mashreq account can receive instant payments from customers of any Raast-enabled bank. Raast is the State Bank of Pakistan’s (SBP) instant payment system.

What Mashreq announced

In a statement carried by Business Recorder and Daily Times on September 18–19, 2026, Mashreq said:

  • the Raast P2M capability “launched in August 2026”;
  • merchants “receive instant payments through Raast QR codes”, and customers “scan and pay merchants through Mashreq’s digital banking channels”;
  • customers of any Raast-enabled bank can pay Raast-enabled merchants;
  • sole proprietors and self-employed professionals can open a Mashreq NEOBiz account and become Raast P2M merchants;
  • target merchants include grocery stores, restaurants, retail outlets, service providers and e-commerce sellers.

Mashreq calls itself “Pakistan’s first newly launched digital bank to offer the full suite of Raast services”. That is the bank’s own claim; we found no SBP statement that confirms or ranks it.

Mashreq Pakistan’s CEO, Muhammad Hamayun Sajjad, said the focus “must shift from access to adoption”. Muhammad Imad Uddin, Director of SBP’s Digital Innovation & Settlements Department, was quoted in the same statement: “The real measure of progress is how effectively that infrastructure is adopted across the ecosystem.”

What it does not say

The statement gives no merchant fee, no limits for P2M payments and no merchant numbers. Raast payments are free for customers under SBP’s instructions: banks “shall not levy any charges on Raast related services” (DI&SD Circular No. 01 of 2022). Merchant pricing is a separate matter that Mashreq has not published in this announcement.

What changed

  • Before: Mashreq Bank Pakistan offered digital accounts; its statement does not describe an earlier Raast merchant service.
  • Now: Mashreq customers can pay by Raast QR, and NEOBiz account holders can accept Raast QR payments.
  • Effective: Mashreq says the service launched in August 2026; it announced it on September 17–18, 2026.

What this means for you If you bank with Mashreq, you can pay any shop that shows a Raast QR, and paying by Raast costs you nothing. If you run a small business, Raast QR lets customers of any Raast-enabled bank pay you directly; ask for the merchant fee in writing before you sign up. See Raast charges and limits and IBFT vs Raast.