In a major step toward digitizing financial transactions, the State Bank of Pakistan (SBP) has announced plans to route all government payments through Raast, the country’s instant payment system, by the end of the fiscal year 2025-26 (FY26).
Speaking at the launch of a study titled “Merchant Payments on Raast: Responsible Pricing for Impact and Inclusion”, SBP Deputy Governor Saleem Ullah described Raast as one of the most transformative initiatives ever undertaken by the central bank, noting that it has quickly emerged as one of Pakistan’s most important digital financial platforms.
The study, prepared by the United Nations-based Better Than Cash Alliance in consultation with the SBP, financial service providers, and industry stakeholders, explores ways to responsibly digitize merchant payments in Pakistan.
Among its recommendations is the introduction of a fee to merchants for person-to-merchant (P2M) transactions conducted via Raast.
Highlighting Raast’s progress, the Deputy Governor said: “We began Raast with bulk payments, focusing on government-to-public (G2P) transactions. Our plan is that by the end of this fiscal year, all government payments will be routed through Raast.”
He added that while the SBP initially encouraged government departments to adopt digital payments, the momentum has since grown significantly.
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The bulk payments feature has not only brought G2P transactions onto Raast but has also facilitated dividend disbursements and other large-scale payments, marking a key shift toward nationwide digital financial inclusion.
