ISLAMABAD: In a major push towards a cashless economy, leading fintech platforms have announced a new loyalty rewards system for QR transactions.
Under the new initiative, merchants will now earn loyalty points on every QR transaction they receive, which can be redeemed for QR payments, internet bundles, SMS bundles, and other digital services. Customers who pay via QR will also earn points.
Officials said the move is aimed at encouraging repeated transactions and accelerating digital adoption across the country, especially among small retailers and kiryana store owners.
Earn points on every incoming QR payment.Points can be redeemed for free QR transaction fees, mobile bundles, electricity bill payments, and loan discounts.
Helps increase digital sales and customer retention. Earn points on every QR payment. Redeem points for mobile top-ups, discounts, and cashback.
Economic experts have hailed the decision, saying that such incentive-based models will help bring millions of unbanked merchants into the formal financial system and reduce reliance on cash.
The State Bank of Pakistan (SBP) has already set a target to increase QR payments to 2 million merchants by 2027 under the Raast P2M system. This loyalty program is expected to play a key role in achieving that target.
Speaking on the occasion, a fintech spokesperson said, “We want to make digital payments rewarding for everyone. When a merchant earns on digital payments, he will prefer QR over cash.”
This initiative is likely to boost competition between Easypaisa, JazzCash, and banks, ultimately benefiting the end user.
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