On 3 August 2026, the State Bank of Pakistan issued PSP&OD Circular Letter No. 01 of 2026, directing all banks, microfinance banks, electronic money institutions, payment system operators, and payment service providers to enable interoperable Raast QR-based digital payments at fuel stations across the country. The circular took effect immediately and extends the existing pricing mechanism for payment card transactions until 31 January 2027.

What the pricing caps cover

The circular retains two caps on card-present transactions at fuel stations for the purchase of fuel and related products:

  • Merchant Discount Rate (MDR): capped at Rs1.00 per litre.
  • Interchange Reimbursement Fee (IRF): capped at Rs0.20 per litre.

Before these caps were introduced under the 2023 circular, banks charged MDRs ranging from 0.7% to 1.5% at their discretion, which translated to roughly Rs3: 4 per litre: a significant share of the regulated dealer commission of Rs8.64 per litre. The extended caps are intended to keep digital payment acceptance economically viable for fuel station operators while the Raast QR infrastructure is rolled out.

Raast QR deployment becomes mandatory

The circular goes beyond extending the fee caps. It requires all regulated entities to actively engage with their fuel station merchants to ensure that Raast QR-based payment acceptance is enabled and made available for customers purchasing fuel and related products. The SBP framed this as a parallel track: card pricing remains controlled while the industry builds out the interoperable QR infrastructure.

Who must comply

The circular is addressed to the presidents and chief executive officers of:

  • All banks
  • Microfinance banks (MFBs)
  • Electronic money institutions (EMIs)
  • Payment system operators (PSOs)
  • Payment service providers (PSPs)

Collectively referred to as regulated entities, these institutions must ensure their fuel station merchants are onboarded to Raast QR and that the payment method is operational at the point of sale.

Timeline and review

The arrangements run from 3 August 2026 - the date of the circular, with immediate effect: through 31 January 2027. The SBP has stated it will revisit the instructions on or around that date, taking into account the market response to the pricing mechanism and the progress made in expanding digital payment acceptance at fuel stations.

What remains unchanged

All other instructions contained in PSP&OD Circular Letter No. 01 of 2023, which first established the card pricing framework for fuel stations, remain in force. The new circular does not replace the 2023 framework; it extends the pricing provisions and adds the Raast QR deployment obligation.

What regulated entities should do now

  • Identify all fuel station merchants in their portfolios.
  • Onboard each merchant to Raast QR-based payment acceptance.
  • Ensure QR payment facilities are operational and available to customers at the point of sale.
  • Apply the capped MDR of Rs1.00 per litre and IRF of Rs0.20 per litre to all card-present fuel transactions.
  • Prepare for the SBP review expected on or around 31 January 2027.

The circular, signed by Director Qazi Shoaib Ahmad, does not specify penalties for non-compliance, nor does it detail the technical standards for Raast QR implementation at fuel stations. The SBP has also not yet published the full pricing schedule as a standalone document on its website; the figures confirmed here are drawn from the circular as reported by two independent outlets that reviewed the notification.