JazzCash Onboards Its 1 Millionth Merchant on Pakistan’s National Digital Payments Platform, Advancing the Country’s Cashless Economy
Rhea-AI Summary
VEON (Nasdaq: VEON) subsidiary JazzCash has onboarded its 1 millionth Raast QR-enabled merchant, expanding Pakistan's largest digital payment acceptance network and advancing the country's cashless economy. JazzCash serves 58 million registered customers and processed PKR 15 trillion in transaction value in 2025 (≈USD 53 billion, ~13% of GDP).
The milestone highlights JazzCash's role in digitizing commerce across neighbourhood shops, micro-entrepreneurs, retailers and online businesses while supporting financial inclusion and interoperability via Pakistan's national Raast system.
Positive
- 1 million Raast QR-enabled merchants onboarded
- Serves 58 million registered customers
- Processed PKR 15 trillion in 2025 (~USD 53 billion, ~13% of GDP)
- Largest digital payment acceptance network in Pakistan
Negative
- None.
News Market Reaction – VEON
In the Mar 30 session, VEON declined 3.64%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 27 | Capital returns update | Positive | -0.6% | Management highlighted ownership stakes and ongoing ADS and notes buybacks. |
| Mar 25 | Ecosystem expansion | Positive | +1.1% | Uklon launched a Travel service expanding into intercity and cross‑border mobility. |
| Mar 17 | Leadership changes | Neutral | -2.9% | VEON reshuffled country CEOs and added a Chief Payments & Digital Assets Officer. |
| Mar 16 | Annual report filing | Neutral | +0.2% | Filed 2025 Form 20‑F and made audited annual report available to investors. |
| Mar 13 | Earnings and growth | Positive | +14.2% | Reported strong 4Q25 and FY25 growth driven by rapidly expanding digital revenues. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news has often been positive strategically, with mixed but generally constructive price reactions; strong financial results drew the largest upside move.
Over the past few months, VEON has highlighted several strategic milestones. On Mar 13, 2026, record digital growth and strong 4Q25/FY25 results drove a 14.2% gain. Subsequent filings on Mar 16, 2026 formalized the 2025 Form 20‑F and Annual Report. Leadership changes announced on Mar 17, 2026 and Uklon’s Travel expansion on Mar 25, 2026 underscored the digital ecosystem focus. A capital‑return update on Mar 27, 2026 detailed buybacks and a shareholder returns policy. Today’s JazzCash milestone fits this narrative of scaling digital platforms in key markets.
Key Terms
instant payment system financial
qr codes technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Dubai, New York and Islamabad, March 30, 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that its subsidiary JazzCash has onboarded its 1 millionth Raast QR-enabled merchant, marking a major milestone in Pakistan’s journey toward a cashless and digitally inclusive economy.
Raast is Pakistan's national instant payment system – a digital payments infrastructure launched by the State Bank of Pakistan in 2021. Raast enables interoperability across Pakistan’s financial sector, empowering merchants by accelerating the use of digital payment tools such as QR codes to advance digital financial inclusion in the country.
With one million Raast QR enabled merchants, JazzCash powers Pakistan’s largest digital payment acceptance network, digitizing everyday commerce across corner shops, micro-entrepreneurs, retailers and online businesses alike.
Kaan Terzioglu, VEON CEO, and Aamir Ibrahim, JazzWorld CEO and JazzCash Chairman, onboarded Behbud Crafts today in Islamabad. The merchant is a retail outlet operated by Behbud Association, a pioneering non-profit organization dedicated to empowering women through vocational training, education, and sustainable livelihoods.
“We commend the Prime Minister Shehbaz Sharif and the State Bank of Pakistan for their clear vision to promote digital payments, financial inclusion, and economic transparency. Through JazzCash, VEON proudly supports this national agenda, expanding access to secure and convenient financial services that empower individuals and businesses alike. Pakistan’s progress toward a cashless economy is essential for its growth, and an example for other countries driving financial inclusion,” said Kaan Terzioğlu, CEO of VEON Group.
“Reaching 1 million QR-enabled merchants is a significant step in embedding digital payments into the daily lives of Pakistanis. From neighbourhood shops to mission-driven organizations like Behbud Association, JazzCash is enabling seamless, interoperable payments that support small businesses and strengthen the digital economy. Our focus remains on making financial services accessible, intuitive, and relevant for every Pakistani,” added Murtaza Ali, CEO of JazzCash.
JazzCash serves a registered customer base of 58 million and has processed more than PKR 15 trillion in transaction value in 2025 – roughly USD 53 billion, or the equivalent of
Today’s milestone reflects VEON’s broader commitment to building inclusive digital ecosystems that support economic growth and improve everyday lives across its markets.
About VEON
VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity and over 200 million digital users. Operating across five countries that are home to more than
About JazzCash
JazzCash is Pakistan’s leading digital financial services platform, operating under a Branchless Banking charter and offering mobile wallet services in collaboration with Mobilink Microfinance Bank. It serves over 58 million customers across Pakistan, providing a broad portfolio of services including payments, lending, insurance, welfare disbursements, and government-to-person payments. For more information, please visit: http://www.jazzcash.com.pk/.
Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s and its subsidiary’s strategy, prodcuts and commercial plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Chief Strategy and Communications Officer
pr@veon.com
