In a groundbreaking move, the State Bank of Pakistan (SBP) has introduced the Raast P2M service, a game-changer in the digital payment landscape. The innovative service, an integral part of the Raast implementation project, is set to redefine the way merchants and businesses accept payments.
Empowering a swift, secure, and inclusive payment system in Pakistan, Raast P2M offers customers multiple payment options, including Request to Pay (RTP) Now and Later, IBAN, Merchant Alias, and Static and Dynamic QR codes.
The SBP has issued a circular directing Regulated Entities (REs) to implement key capabilities for P2M transactions through various channels such as mobile apps, internet banking portals, and USSD channels by March 01, 2024. These capabilities include reading/scanning Raast P2M QR codes, processing Request to Pay transactions, enabling Push Payments to merchant Raast Aliases and IBANs, and facilitating customer-initiated returns/refunds.
Crucially, REs mandated to design customer-friendly interfaces without imposing any fees on transactions. Instant transaction confirmations or rejections and real-time updates on account statements through digital channels are also part of the directive.
The circular also outlines the responsibilities of Raast Merchant Service Providers (MSPs). These entities play a vital role in onboarding businesses, deploying QR codes, ensuring payment acceptance modes, facilitating refunds, and maintaining robust security measures.
MSPs permitted to charge reasonable fees from merchants for co-branding their check-out service with Raast P2M. They can also enter agreements with third parties offering billing/invoicing services, expanding the reach of Raast services.
To ensure a seamless transition, SBP advises REs to enable billers/bill-aggregators for Raast RTP by March 31, 2024. Non-compliance with Raast-related instructions may result in punitive actions under the Payment Systems and Electronic Fund Transfer Act, 2007. REs required to submit compliance status by April 01, 2024, signed by the Chief Operating Officer (COO) and Chief Compliance Officer (CCO).
 has introduced the Raast P2M service, a game-changer in the digital payment landscape. The innovative service, an integral part of the Raast implementation project, is set to redefine the way merchants and businesses accept payments.){kind=link}