JazzCash Onboards Its 1 Millionth Merchant on Pakistan's National Digital Payments Platform, Advancing the Country's Cashless Economy
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 13% of Pakistan's GDP. Through its growing network of merchants, QR payments, digital lending, and integration with Raast, JazzCash is helping formalize Pakistan's economy while creating new opportunities for entrepreneurs, including women-led enterprises.
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 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com.
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
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