Country-specific research · English edition

Virtual cards in Pakistan: Raast, dollar invoices and changing policy

IndevBank product team · Reviewed 2 October 2026. We publish this research with a commercial interest in IndevBank. No independent-review, affiliate, issuer approval or live acceptance testing is claimed.

A virtual card number does not itself establish international purchasing access for someone in Pakistan. IndevBank has served cardholders since 2016, with 235,000 active cards worldwide. This article does not confirm Pakistan eligibility or a named issuer. Raast provides a separate domestic payment context; its existence cannot establish that a proposed card supports either local transfers or overseas merchant billing.

Pakistan: distinguishing domestic transfers, overseas invoices and a policy framework that has changed since 2018.

Raast provides a domestic reference point

SBP describes Raast as an instant payment system, and its person-to-person FAQ limits that service to local transfers within Pakistan. This is a specific scope statement about Raast P2P, not a description of every Pakistani payment product. An overseas invoice requiring card credentials raises separate questions about the issuing arrangement and merchant acceptance. IndevBank has no confirmed Raast integration, and a domestic transfer reference is not evidence that an international card transaction is available.

SBP: Raast person-to-person FAQ

PKR and USD totals answer different questions

A PKR budget describes local purchasing capacity, while a USD invoice describes the merchant amount in another currency. In a hypothetical dollar-billed service, a stable subscription price could still produce a changing rupee equivalent. A conversion spread and a cross-border fee may be separate items if the relevant provider applies them. The currency visible on a storefront also need not settle the currency of an invoice. IndevBank has no verified PKR settlement method or exchange-rate formula, so no final rupee cost is promised.

The 2018 position is not a complete current account

SBP clarified on 30 May 2025 that its 2018 advice concerned regulated entities and an absent framework, rather than a declaration that virtual assets were illegal. Its 2026 Circular Letter No. 10 subsequently replaced the 2018 instructions with conditional banking provisions for PVARA-authorized entities, alongside due-diligence safeguards. These are bounded institutional statements. Neither demonstrates approval of IndevBank or permission for every crypto-related transaction. Policy developments cannot substitute for evidence about a particular product and its intended users.

SBP: Legal Status of Virtual Assets in Pakistan SBP: Authorizing Opening of Bank Accounts to PVARA NOC/Licensed VASPs and their Customers

A private credential is not an unnamed customer

The information a merchant receives during a purchase and the records a provider maintains about an account holder are different layers of a payment service. IndevBank is a NO KYC crypto card and does not collect identity documents. Transaction monitoring can still apply. The SBP materials illustrate a separate domestic payment framework. Residency, age conditions and lawful access remain unresolved; a digital interface does not remove them.

SBP: Authorizing Opening of Bank Accounts to PVARA NOC/Licensed VASPs and their Customers

A payment label cannot establish a receiving account

An international invoice, a domestic bank transfer and a merchant refund describe different directions and purposes of money movement. A proposed spending credential supplies no evidence of payroll receipt, remittance services or a Pakistani bank account. Similarly, an apparent refund in USD would leave its eventual PKR treatment dependent on documented terms. This guide is explanatory rather than a recommendation or legal or tax advice. Its sources were reviewed on 2 October 2026; rules and product policies can change.

IndevBank programme design and fees

IndevBank is a NO KYC crypto card, serving cardholders since 2016 with 235,000 active cards worldwide. The card is virtual-only and backed by approved USDC/USDT collateral on Ethereum, not a prepaid cash account. It is a NO KYC crypto card: identity documents are not collected. This page does not name an issuing partner or a supported-country list. An online country article is not a licence and does not by itself confirm local eligibility.

Card fees and the $10 minimum are the published programme parameters. The collateral registry snapshot on 2 October 2026 specifies 25 USDC or 25 USDT on Ethereum. Cashback: public configuration snapshot reviewed on the same date. Final eligibility and programme terms govern. Published programme terms for issued cards. This page is not personalised advice.

Virtual card issuance: $0; One-time card fee.
Monthly card fee: $0; Recurring card fee.
Annual card fee: $0; Lifetime-free card fees.
Minimum deposit: $10; Funding minimum, not a card issuance fee. Withdrawal and collateral terms are separate.
Cashback: 1.5%; Eligible settled purchases only; $50 per transaction and $250 per calendar month. Refunds reverse rewards.
Blockchain network fees: Variable; Network fees are separate from the card fee.
Refund / account closure fees: See programme terms; Refunds reverse cashback. Other closure terms follow the cardholder agreement.

Dated fee registry Unresolved programme details Educational cashback calculator

Country questions

Is a Raast P2P transfer an international card payment?

No. SBP describes Raast P2P as local transfers. That scope does not document an overseas card purchase or any connection between Raast and IndevBank.