The State Bank of Pakistan (SBP) Raast Participation Criteria 2025 has been officially issued to guide financial entities in joining Raast, Pakistan’s instant payment system. Since its launch in 2021, SBP Raast has been a game-changer in digital payments, enabling instant, secure, and efficient fund transfers across Pakistan. The system supports multiple payment types, including bulk payments, person-to-person (P2P) transfers, person-to-merchant (P2M) payments, and payment initiation services.
SBP Raast Participation Categories
The SBP Raast Participation Criteria outlines four key categories of participants, each with specific requirements:
- Direct Settlement Participants: Entities that settle their transactions directly through Raast Pakistan.
- Direct Non-Settlement Participants: Entities that participate directly but settle transactions through a settlement agent.
- Payment Initiation Service Providers: Entities that initiate payments on behalf of customers without holding settlement accounts.
- Indirect Participants: Entities that access Raast SBP through direct participants.
Who Can Apply for SBP Raast?
To be eligible under the SBP Raast Participation Criteria, financial entities must be regulated by the State Bank of Pakistan (SBP). The following entities qualify for participation:
- Banks
- Microfinance Banks (MFBs)
- Electronic Money Institutions (EMIs)
- Payment System Operators (PSOs)
- Payment Service Providers (PSPs)
Additionally, entities currently undergoing the SBP licensing process with valid in-principle approval can also apply. All applicants must meet strict technical, operational, security, and regulatory standards set by the SBP Raast framework.
Implementation Deadline for SBP Raast 2025
To promote digital payments in Pakistan, the SBP Raast Participation Criteria 2025 mandates that all regulated financial entities enable their existing account holders who offer in-store or online shopping services to accept Raast person-to-merchant (P2M) payments by March 31, 2025. This directive is expected to enhance digital payment adoption across Pakistan and reduce reliance on cash transactions.
Since its launch, Raast SBP has onboarded 44 financial entities, including government-regulated institutions. With the introduction of the SBP Raast Participation Criteria, the system aims to facilitate more participants, expand the digital payments market, and encourage financial innovation.
For detailed information on the SBP Raast Participation Criteria and the application process, visit the official State Bank of Pakistan (SBP) website.
 Raast Participation Criteria 2025 has been officially issued to guide financial entities in joining Raast, Pakistan's instant payment system. Since its launch in 2021, SBP Raast has been a game-changer in digital payments, enabling instant, secure, and efficient fund transfers across Pakistan. The system supports multiple payment types, including bulk payments, person-to-person (P2P) transfers, person-to-merchant (P2M) payments, and payment initiation services.){kind=link}