The State Bank of Pakistan (SBP) has issued a directive requiring banks and financial institutions to integrate the RAAST payment system into e-commerce platforms and online shopping stores by March 31, 2025.
The initiative aims to accelerate the digitization of merchant and business transactions across Pakistan. According to the SBP circular, banks must ensure that their existing account holders offering in-store and/or online shopping services are enabled with RAAST P2M (Person-to-Merchant) digital payment acceptance services by the specified deadline.
“It has been decided that all regulated entities (REs) shall ensure their existing account holders who provide in-store and/or online shopping services are enabled with RAAST P2M digital payment acceptance services as per the aforementioned circular by March 31, 2025,” the SBP stated.
Integration for Existing and New Merchants
The directive also emphasizes the onboarding of new merchants. Banks and financial institutions are required to include RAAST P2M service enablement as a standard part of the onboarding process for new-to-bank merchants and businesses.
To facilitate this, banks can integrate directly with the RAAST P2M system or collaborate with SBP-regulated Electronic Money Institutions (EMIs), Payment System Operators (PSOs), or Payment Service Providers (PSPs).
Expanding Digital Payment Capabilities
The RAAST P2M service, introduced as part of the SBP’s broader RAAST implementation project, provides interoperable digital payment solutions for merchants and businesses. The service supports multiple payment modes, including Quick Response (QR) codes, RAAST Alias, IBAN, and Request to Pay (RTP).
Banks and financial institutions have been directed to ensure their delivery channels—such as mobile banking apps, internet banking portals, and USSD services—are equipped to process P2M transactions using these capabilities.
Boosting Digital Financial Inclusion
The SBP’s directive aligns with its mission to enhance financial inclusion and promote cashless transactions in the country. By leveraging the RAAST P2M service, businesses will be able to offer seamless, secure, and efficient payment solutions to their customers, fostering growth in digital commerce and improving customer convenience.
The SBP anticipates that the widespread adoption of RAAST will significantly contribute to the transformation of Pakistan’s payment landscape, supporting the transition toward a digitally enabled economy.
