KARACHI: Bank Islami has launched Pakistan’s first Shariah-compliant QR payment gateway enables real-time online payments through dynamic, the bank said on Thursday, adding that the facility allows customers to pay instantly from their bank accounts and enables merchants to receive payments securely through a smooth checkout experience.
The payment gateway, called ‘aikPay,’ is built on the State Bank of Pakistan’s Raast digital payment infrastructure and was launched under Bank Islami’s ‘aik’ digital Islamic banking platform. With aikPay, customers can shop and pay online with greater ease using any Raast-enabled mobile banking app, with instant transaction confirmation and a card-free checkout experience.
Merchants benefit from a wider nationwide reach through Raast interoperability, real-time payment confirmation, instant settlement for improved liquidity, and low-cost payment acceptance through competitive rates, making it a scalable solution for small-medium enterprises, online businesses, institutions, and government entities, according to the bank.
“The world is shifting rapidly with technology, and digital payments have become an everyday habit,” Ashfaque Ahmed, the aik chief officer, said in a statement.
