K-Electric Partners with SBP to Enable Seamless Bill Payments via Raast

K-Electric Partners with SBP

In a major step toward accelerating payment digitization, the State Bank of Pakistan (SBP) and K-Electric (KE), Pakistan’s leading private power utility, have announced a partnership to initiate a Proof of Concept (PoC) under Raast’s Payment Initiation Service Provider (PISP) model. This collaboration marks a pivotal advancement in enhancing digital payment solutions for consumers across Pakistan.

The initiative will assess the feasibility of integrating K-Electric’s consumer billing services into Raast, Pakistan’s first instant payment system. A successful integration would open the doors for similar utility services to connect with Raast, setting the stage for a nationwide expansion of real-time, seamless digital payments.

The strategic alignment aims to simplify bill payments for KE’s millions of customers, allowing them to make secure, instant digital payments via Raast directly from any bank account in Pakistan. The service promises a more accessible, convenient, and efficient payment solution that will empower KE customers.

Saleem Ullah, Deputy Governor of SBP, highlighted the importance of public and private sector collaboration in expanding digital financial infrastructure through platforms like Raast. “Integrating KE’s billing services into Raast exemplifies our commitment to simplifying the lives of millions of Pakistanis. A collective approach is essential for expanding secure, efficient, and transparent digital payments,” he stated. Saleem Ullah also emphasized the critical role of FinTechs in enabling digital services, encouraging the banking industry to harness FinTech expertise to better serve all sectors, including large billers like KE.

He further noted that companies like K-Electric are now actively seeking access to Raast’s digital payment services, reflecting a growing demand for streamlined digital solutions. KE’s inclusion as a PISP is a benchmark, setting a precedent for other service providers looking to digitize their services and make essential utilities more accessible to the public.

Moonis Alvi, CEO of K-Electric, expressed his enthusiasm for the partnership, calling it a transformative milestone in KE’s digital journey. “Our collaboration with the SBP aligns with KE’s vision to revolutionize customer engagement and enhance accessibility across digital platforms,” he remarked. Alvi underscored KE’s commitment to providing seamless digital experiences that align with the evolving expectations of its customers.

This partnership signifies a significant step forward in Pakistan’s digital finance landscape, underscoring SBP’s commitment to fostering digital innovation and KE’s resolve to elevate the customer experience.

Leave a Reply

Your email address will not be published. Required fields are marked *