State Bank issues instructions for enabling ‘RAAST’ Person to Merchant Payment Service

BusinessState Bank issues instructions for enabling ‘RAAST’ Person to Merchant Payment Service

KARACHI, Pakistan: The State Bank of Pakistan (SBP) has issued instructions to its Regulated Entities (REs) for enabling RAAST Person-to-Merchant (P2M) payment service for their customers.

The Raast P2M system will enable merchants to accept payments through different modes including Unified Quick Response (QR) Codes, Raast Alias (such as mobile phones), bank accounts (IBAN), and Request to Pay (RTP).


The SBP Digital Finance Group Circular issued on December 05, 2023 requires all REs i.e. Banks, Micro Finance Banks (MFBs), Electronic Money Institutions (EMIs) and Payment Service Providers (PSPs) to enable the capabilities such as (i) Read/Scan RAAST QR Codes, (ii) Process Request to Pay (Now and Later), (iii) Push Payments to merchant RAAST Aliases and IBANs and (iv) initiate the request for returns/refunds in their respective Apps by March 2024.

The REs have also been instructed to provide efficient, seamless and easy to use interfaces to their customers.

Further, REs have been instructed not to charge any fee from their customers using Raast payment options to pay for their transactions.

The SBP has also instructed the existing merchants acquiring REs to complete the integrations with ‘RAAST’ for enabling their respective merchants and ecommerce players to accept payments through ‘RAAST’ P2M service by March 31, 2024.

Further, all REs shall ensure that billers/bill-aggregators already on-boarded by them are also enabled to accept payments via Raast payment options by March 31, 2024.

The enablement of RAAST P2M facility is likely to give a big boost to the SBP digitization efforts enabling hundreds of thousands of vendors across the Country to receive payments against the goods and services in their accounts on real time basis.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

PPP Senator tables resolution in Senate to ban all Social Media platforms in Pakistan

ISLAMABAD, Pakistan: The Pakistan People's Party Parliamentarian (PPPP) Senator Bahramand Khan Tangi has tabled a resolution in the Senate demanding a ban on all...

NDMA issues weather advisory

ISLAMABAD, Pakistan: Apropos NDMA's NEOC prediction most parts of the Country are likely to experience moderate to heavy rainfall isolated thunderstorms are expected with...

13th Anniversary of Shahbaz Bhatti’s Assassination: Human Rights Advocates Call for Justice and an...

The minority rights activists from around the world unite in somber remembrance on the 13th anniversary of the martyrdom of Shahbaz Bhatti, Pakistan’s former...

SIC fields Mahmood Khan Achakzai as its Presidential Candidate

The Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council (SIC) has nominated the Pakhtunkhwa Milli Awami Party (PkMAP) Chairman Mahmood Khan Achakzai as its Presidential Candidate...

Raoof Hasan may be next to sacrifice for mitigating adverse reaction of writing an...

Islamabad, Pakistan: Sensing the gravity of the political recklessness of writing an anti-Pakistan letter to the International Monetary Fund (IMF) to halt the March...