A Revolutionary Transformation of Interoperable Payments
Karachi, May 29, 2024 – In a groundbreaking move to revolutionize Pakistan’s digital payment landscape, 1LINK, in partnership with Raast, an initiative by the State Bank of Pakistan (SBP), and 13 merchant aggregators, has launched the 1GO Raast Person to Merchant (P2M) service. This significant event took place at the 1LINK Head Office, with the Honorable Deputy Governor of SBP, Mr. Saleem Ullah, gracing the occasion as the Chief Guest. The event also saw the participation of Mr. Sohail Javaad, Executive Director of DFSG, and representatives from over 12 merchant aggregators who showcased their support for this initiative.
The 1GO Raast P2M service aims to transform the landscape of interoperable P2M payment services in Pakistan. The service includes a range of features such as Dynamic QR Code, Static QR Code, Request to Payment Now & Later, and Bulk Request to Payment Later Processing. These features are designed to offer merchants a seamless, secure, and efficient solution for instant and transparent transaction settlements through a mobile app, eliminating the need for cash, cards, or any other payment modes.
Mr. Saleem Ullah highlighted the importance of this initiative in transitioning Pakistan from a cash-based to a digital economy. He noted that Raast was introduced to develop a digital financial ecosystem, currently processing 2 million P2M transactions worth over 60 billion rupees daily. He emphasized that the 1GO initiative addresses the key challenge of onboarding millions of vendors, thereby expanding digital payment inclusion across the country.
Mr. Sohail Javaad commended 1LINK’s role in leveraging its robust infrastructure to facilitate fintech companies’ seamless payment processing through Raast’s payment rail. He expressed optimism about the digital revolution that the 1GO Raast P2M service is expected to bring about in Pakistan’s financial sector.
Naeeb Agrawalla, CEO of 1LINK, described 1GO as a pivotal step towards open banking in Pakistan. He stated that the service aims to assist merchant aggregators in providing seamless transactions for merchants and customers through dynamic and static QR codes or IBAN approvals. Agrawalla emphasized the platform’s potential to reach the masses, enabling convenient, cost-effective, and efficient payments. With 13 aggregators already committed and more expected to join, widespread adoption and collaboration in the digital payments landscape are anticipated.
About 1LINK (Pvt.) Limited:
1LINK (Pvt) Limited, owned by a consortium of 11 banks, is the country’s first PSO/PSP and largest switch and payment system. It provides a host of valuable online banking services such as ATM switching, 1BILL, Interbank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, and domestic and international payment schemes. Continuously evolving, 1LINK is dedicated to enhancing the financial industry with innovative products and services.
For further information, please visit 1LINK’s official website.
