Islamabad, Nov 29: SBP Directs Integration of RAAST Payments for Online Shopping Platforms. By March 2025, banks and other financial institutions are required by the State Bank of Pakistan (SBP) to implement the RAAST payment system in online retail and e-commerce sites.
As a result, banks will make RAAST P2M digital payment acceptance services available to these businesses that are already clients of the banking system. “It has been determined that by March 31, 2025, all REs must make sure that their current account holders who offer their clients in-person and/or online shopping services are equipped with RAAST P2M digital payment acceptance services by the aforementioned Circular,” the circular said.
The banking regulator also instructed banks and financial institutions to make sure that, as part of their onboarding process, all new merchants and businesses are enabled with the RAAST P2M service. According to the circular, REs can either partner with an already-existing SBP-regulated EMI/PSO/PSP or offer these services directly through integration with RAAST P2M.
The RAAST P2M service is expected to quicken Pakistan’s corporate and merchant transaction digitization. In light of this, it has been determined that all REs must allow the following features in order to conduct P2M transactions through their delivery channels, which include USSD channels, internet banking sites, and mobile apps.
SBP introduced an interoperable RAAST P2M service as part of the RAAST implementation effort to help enterprises and merchants accept digital payments. Businesses will be able to take payments utilizing Quick Response (QR) Codes, RAAST Alias, IBAN, and Request to Pay (RTP) thanks to the P2M service.
