The State Bank of Pakistan (SBP) has directed banks and financial institutions to enable RAAST payment system in e-commerce and online shopping stores by March 2025.
Accordingly, banks will enable RAAST P2M digital payment acceptance services to these companies which are already connected with the banking system as the customers.
“It has been decided that all REs shall ensure that their existing account-holders who are providing in-store and/or online shopping services to their customers are enabled with RAAST P2M digital payment acceptance services as per the aforementioned Circular by March 31, 2025, ” the circular stated.
The banking regulator further directed banks and financial institutions to ensure that all new-to-bank merchants/businesses shall be enabled with RAAST P2M service as part of their onboarding process. REs may either provide these services themselves through direct integration with RAAST P2M or by partnering with an existing SBP-regulated EMI/PSO/PSP, the circular stated.
The RAAST P2M service is set to accelerate the pace of digitization of merchant and business transactions in Pakistan. Accordingly, it has been decided that all REs shall enable the following capabilities for processing P2M transactions via their delivery channels including mobile apps, internet banking portals, and USSD channels.
As part of RAAST implementation project, SBP launched an interoperable RAAST P2M service to facilitate digital payment acceptance for merchants and businesses. The P2M service will enable payment acceptance by businesses using Quick Response (QR) Codes, RAAST Alias, IBAN, and Request to Pay (RTP).
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