The State Bank of Pakistan (SBP) has launched a new Raast Person-to-Merchant (P2M) payment service to make it easier for businesses to accept digital payments. This will be a significant boost for the digital economy in Pakistan, as more businesses will be able to offer their customers a convenient and secure way to pay.
Key Features of Raast P2M:
- Merchants can accept payments through various methods, including QR codes, mobile phone numbers, bank accounts, and Request to Pay.
- All banks, Microfinance Banks, Electronic Money Institutions, Payment System Operators, and Payment Service Providers must enable Raast P2M for their customers by March 1, 2024.
- The service is free for customers, and merchants are encouraged to waive any service charges for using Raast.
- Raast offers instant transaction confirmation and real-time account statements.
- Existing merchants acquiring REs must integrate with Raast by March 31, 2024.
- Billers and bill aggregators must also be enabled to accept Raast payments by March 31, 2024.
- REs must implement robust dispute resolution, liability, and risk management frameworks to protect customers and prevent fraud.
- Merchant service providers are encouraged to offer specialized services, packages, discounts, and loyalty programs to promote adoption of Raast.
Benefits of Raast P2M:
- Increased convenience and security for customers
- Faster and more efficient transactions
- Reduced costs for businesses
- Increased adoption of digital payments in Pakistan
Raast’s Initial Success:
- Over 32 million account holders have enrolled in Raast.
- 225 million transactions totaling over Rs4.6 trillion have been completed on Raast.
Overall, the launch of Raast P2M is a positive step for Pakistan’s digital economy. By making it easier for businesses to accept digital payments, Raast will help to boost the economy and provide a more convenient and secure payment experience for customers.