Islamabad & Rawalpindi + Karachi · Feb 21–25, 2026 · 40 Interviews across two parallel arms
What is this? ZAR is exploring whether it can expand from digital dollars into digital gold — gold that lives in a secure vault, bought and sold instantly through a mobile app. Round 2 ran as two parallel arms: ISB/RWP (20 interviews, Feb 21–22, Surveyor A) and Karachi (20 interviews, Feb 24–25, Faisal Soomro). Combined n=40 across three cities. Both arms tested the same pitch: jewelers charge 5–6% over real gold price (Rs 30,000–40,000 extra per tola) and this app eliminates that markup entirely.
Combined n=40 result: Q4 sentiment shift at 43% (17/40 — below threshold, +3pp vs ISB/RWP alone). Distribution willingness at 52% (21/40 — above threshold). Karachi hit 45% Q4 shift and 65% Q6 — above ISB/RWP. A new Karachi-specific barrier emerged: shop-type mismatch ("meri mobile ki dukaan hai, iska taluq sonay se hai hi nai") dominated 12/20 responses. The fraud/scam-app memory barrier is universal across both cities.
The jeweler markup argument fell below bar in combined data. The institutional trust gap and shop-type mismatch are the remaining blockers. Round 3 should target gold-adjacent shops with a physical company anchor in place.
| Metric | R1 (n=14) | R2 ISB/RWP (n=20) | R2 Karachi (n=20) | Combined R2 (n=40) |
|---|---|---|---|---|
| Q4 positive shift | Not tested | 8/20 (40%) | 9/20 (45%) | 17/40 (43%) |
| Distribution willingness (Q6) | Not tested | 8/20 (40%) | 13/20 (65%) | 21/40 (52%) |
| #1 barrier | Physical possession | Fraud/scam memory | Shop-type mismatch | Fraud + mismatch |
| Authenticity demand | ~8/14 | ~15/20 | ~15/20 | ~30/40 — universal |
| Behavioral signals | ~2 | 4 confirmed | 3 borderline | ~7 total |
| Robbery paranoia barrier | 0 | 0 | 1 (K-11) | Karachi-unique |
| Action Observed | Merchant | Evidence | Signal Type |
|---|---|---|---|
| Volunteered to buy through app unprompted | R2-02 | "I will buy from the app, not the market. Will also check the price." | Purchase intent |
| Asked about launch date / current status | R2-09 | Asked how intraday gold works, when app launches | Timing urgency |
| Compared to Easy Money — said "will go forward" | R2-10 | "If app is launched and everything is as stated — very good." Would tell all family. | Referral intent |
| Drew Easy Money parallel independently; wanted WhatsApp | R2-13 | "Every second person is on Easy Money. If trustable, no doubt — will buy and add." | Referral + distribute |
| Action Observed | Merchant | Evidence | Signal Type |
|---|---|---|---|
| Eyes widened, leaned forward — ops-specific questions | K-09 | "I want to buy — but I don't have capital to stock it." Leaned forward, eyes widened. Operational specificity signals genuine intent. | Purchase intent (blocked) |
| Asked about multi-tola commission math unprompted | K-13 | "How much commission? Will I get profit on 4-5 tola of sales?" — high-volume merchant thinking, not just curiosity. | Distribution intent |
| Eyebrows raised; asked follow-up questions about market acceptance | K-17 | "Will it be original? Can I sell it in the open market? Will goldsmiths give me a good price?" Conditional yes with specificity. | Conditional demand signal |
I will buy from the app, not the market. I'm more interested in the app. Because everything is happening online — if it becomes safe and secure, it's much better.
Every second person is on Easy Money. There's no phone without it. Insha Allah, this will also go forward. If it's a trustable app, there's no doubt — will buy and recommend.
I will tell my customers. I will tell my friends. I will tell everyone in my family. I will also agree — it is a good thing that a person can carry.
If it is real then — 100% we will buy it. Now there are so many customers on Easy Money. On this also, Insha Allah will take us forward again.
In Rs 500, what gold will be there? That would be invisible gold. Physically, there will not be gold there. Until a person sees something in front of his eyes, he doesn't trust it.
Those apps came. People invested at high percentage returns. The app closed. Millions and crores went. Without government approval — I cannot recommend this to anyone.
Is this illegal or legal? In Pakistan, fraud is happening. A person who has a little album will save himself. He won't do it without understanding.
Take Rs 1,000 first. Check it — if withdrawal is easy, there's no hurdle, the person's trust will build. Then step by step, Rs 10,000, Rs 1 lakh. It's all about reliability and easy access.
If you save even 20–30K per tola, that's enough. Definitely should happen. [Unprompted:] If there is a notice or banner so customers can see there's such an option in this shop — I'd guide everyone.
Buy one gram from the app every month. I can't afford a full tola now — but 10 months of Rs 500–1,000 and that's my investment and my asset. That's the idea that gives more value.
Yes, they will be interested if the middleman doesn't take his cut. If the gold is a genuine tangible asset, only then will I sell it.
Interested — how much commission? Will I get profit on 4-5 tola of sales? How can you compete? Apps like this come and go — if you leave tomorrow, people will come after me.
If I had a gold shop, I'd sell it. My mobile shop has nothing to do with gold. You came to the wrong place.
If word gets out that I have gold in this shop, someone will rob my house. Safety concern is the main thing.
Yes — but will it be original? Can I sell it in the open market? Will all goldsmiths give me a good price for it? Your company outlet and physical store — where can I get it?
Customers in our area fight over Rs 10-15. Who will buy real gold from us? People come in for Rs 300-400 headphones and still argue. No one will buy, brother.
Field read: Ambassador gets a polite hearing then a wall — "come back when you have government paperwork." The "if it is legal" framing is exit language dressed as openness.
Field read: Easiest close in the set — he's already doing the pitch for you. Get him to the app screen fast before he overthinks. Quickest path to a live transaction.
Field read: Ambassador will mistake nodding for interest and leave thinking it went well. Zero follow-through likelihood. Don't log this as a soft-yes.
Field read: Must run a basic product explainer before any pitch lands — fractional gold is not intuitive here. Skip the ROI argument until unit size clicks.
Field read: He volunteers his scam story within two minutes. Let him finish it, never dismiss it, then anchor every claim to a verifiable third party — SECP, SBP, physical office address.
Field read: He will propose his own purchase plan and then interrogate every line item. Ambassador needs a printed fee/tax schedule or this stalls at "I need the full picture first."
Field read: Nothing to work with. Ambassador should qualify faster and exit — time spent here is dead time.
Field read: Walk in, show the app, hand him talking points — he will brief his own customers. Ambassador's job is activation, not persuasion.
Field read: Logic worked but he needs a concrete margin number in rupees per sale before he commits. Abstract percentage arguments won't close him.
Field read: Ask him directly who else he would tell and use that as a referral warm-lead list on the spot. One satisfied R2-10 converts others.
Field read: First question will be about legality. Ambassador must open with regulatory standing and a physical address before anything else — otherwise the conversation never starts.
Field read: Ambassador gets genuine comprehension and zero commitment. "If we have the time" is a soft deflection, not a real condition. Follow-up needs a frictionless onboarding path or this never converts.
Field read: Mental model already mapped. Ambassador's fastest path is confirming the commission rate matches or beats his current mobile money margin — that single number closes or kills it.
Field read: Category violation, not feature objection. Digital gold is philosophically wrong to a jeweler whose entire value system is tactile proof. Don't try to overcome this in one visit.
Field read: The Gold Tower reference will come up early. Name it directly, explain why ZAR is structurally different, then pivot to the COD delivery mechanics as the close.
Field read: He knows more about failed gold apps than the ambassador does. Any claim without a government document number gets filed next to NGR in his memory. Come with SECP registration in hand or don't come.
Field read: He has already designed his own pilot — Rs 1,000 trial, check withdrawal, then scale. Validate that plan, don't try to accelerate it.
Field read: Objection is operational, not conceptual. Ambassador needs to show total time-on-task per transaction is under 60 seconds — or this is a hard no regardless of commission.
Field read: Ambassador will walk out feeling encouraged — he'll do nothing. He needs to see customer pull before acting. Generate that pull elsewhere first, then return.
Field read: He'll engage seriously only after two things are on the table simultaneously — a specific commission figure and proof of physical company presence. One without the other gets a polite "50-50."
Clifton. Field read: The economics argument landed; physical possession barrier is the remaining blocker. Lead with vault certificate + delivery demo — once he sees the redemption path, this moves to confirmed yes.
Clifton. Field read: First-time exposure to digital gold — he's educable. The markup argument shifted his frame. Physical delivery proof is the single unlock needed here.
Clifton. Field read: "My mobile shop has nothing to do with gold" is not just an excuse — it's a legitimate positioning concern. Ambassador needs to make the case for why an EP/JC agent is the ideal sales point, or accept this is a genuine mismatch.
Clifton. Field read: Easiest Karachi close — gold-aware, markup-aware, commission-motivated. Get to the delivery demo fast.
Clifton. Field read: He asked to see the app — show it. Then address the authenticity certificate objection directly. Shop-type mismatch is real but weaker here than in K-03.
DHA. Field read: Geographic fraud frame is nearly impossible to overcome in one cold visit. Purchasing power is the secondary blocker. Ambassador should not attempt to convert this respondent.
DHA. Field read: He gives a conditional yes but correctly identifies the problem — "customers fight over Rs 10-15 here." This is a genuine distribution mismatch, not a surface objection. DHA address doesn't guarantee affluent customers.
DHA. Field read: "Achi baat hai" is real, not politeness noise — but he's correctly identifying that customers default to their goldsmith. Ambassador needs a counter-argument for why a digital-first purchase at a better price beats the goldsmith visit.
Malir. Field read: Eyes widened and leaned forward — most visibly engaged body language in Karachi batch. Operational interest is real. But customer base can't support it and he can't front inventory. "Right person, wrong location" case.
Gulshan. Field read: He's asking the right question — "can I sell it in the open market at a good price?" That's market-acceptance, not just trust. Ambassador needs an answer about resale liquidity, not just vault certificates.
Gulshan. Field read: The robbery concern is a unique Karachi-specific signal — not present in ISB/RWP at all. Ambassador cannot address this in a pitch; it requires a broader community-trust environment before this concern dissolves.
Gulshan. Field read: Interest is real but privacy/data concerns are the blocking point. Ambassador needs clear answers on data handling and security architecture — vague reassurances won't close this.
Gulshan. Field read: He asked about commission on 4-5 tola — that's a high-volume merchant intent signal. The commission number is the one lever. Ambassador needs a concrete per-tola rupee figure.
Gulshan. Field read: Concept violation, not feature objection. Q6 "Yes" is social noise — the full context is a consistent no. Nothing in this conversation is addressable without first changing his prior belief about what gold is.
Gulshan. Field read: Clearest articulation of the shop-type mismatch barrier in the Karachi batch. Ambassador should acknowledge and exit. This data point is useful for rethinking target shop profiles.
Gulshan. Field read: Complete blank slate on gold trading. No prior mental model to hook onto. This respondent was never in the target pool — ambassador qualification failed at entry.
Gulshan. Field read: He moved from doubt to conditional yes — the pitch worked. The physical company presence demand is the one remaining unlock. If ZAR can show a Karachi office or named local partner, this closes.
Gulshan. Field read: The pitch converted him but he's correctly identifying his customer base as the distribution bottleneck. Ambassador should show examples of how other low-literacy customers have bought in other cities.
Gulshan. Field read: Interest is real but self-directed skepticism about his customer base is a proxy concern. Frame the purchase as ambassador-assisted, not customer-independent, and this objection dissolves.
Gulshan. Field read: Ambassador will leave with a conditional yes but engagement quality was inconsistent throughout — Q4 form response contradictory ("yes he was not interested"). Treat as soft-conditional rather than confirmed interested.
2 of 4 signals confirmed green (distribution willingness 52%, behavioral demand ~7). Q4 shift below threshold (43%). The jeweler markup argument fell below bar in combined data — Karachi 45%. The structural blockers are (1) institutional trust gap — universal across both cities — and (2) shop-type mismatch — dominant in Karachi. Both require non-pitch solutions. Round 3 must target gold-adjacent shops with a physical institutional anchor in place.