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Swift Transactions Unveiled: SBP Introduces Raast P2M Payments Today

 Karachi: “Explore the efficiency of SBP’s groundbreaking Raast P2M payments, launched today for swift and seamless transactions. Experience the convenience of multiple payment options and cutting-edge technology, redefining the landscape of digital payments in Pakistan.”

Swift Transactions Unveiled: SBP Introduces Raast P2M Payments Today

Pakistan, the State Bank has introduced a new digital payment service called Raast Person to Merchant (P2M). This service makes it easier for businesses to accept digital payments. It uses QR codes, Raast Alias, IBAN, and Request to Pay (RTP).

The Raast P2M service is a big change in how businesses handle digital payments. It’s part of the Raast project, and it will make it simpler for merchants to receive payments. The State Bank has given technical details to the Regulated Entities (REs) teams.

Syed Sohail Javaad, from the State Bank of Pakistan, says that Raast is as good as similar systems in other countries. The Raast P2M service will speed up the digitization of transactions in Pakistan. All REs need to enable the necessary features for P2M transactions by March 1, 2024.

Raast P2M provides different ways to pay, including Request to Pay (RTP) Now and Later, IBAN, Merchant Alias, and QR codes. The State Bank wants REs to create user-friendly interfaces and not charge customers for transactions.

The State Bank encourages businesses to adopt digital payments. They believe Raast is a good choice, especially for the tech-savvy population. Mobile banking transactions have been increasing, with 660.6 million transactions in 2022-23.

The circular from the State Bank also outlines the responsibilities of Raast Merchant Service Providers (MSPs). These entities help businesses with onboarding, deploying QR codes, ensuring payment modes, and maintaining security.

MSPs can charge reasonable fees for co-branding their service with Raast P2M. The State Bank advises REs to enable billers for Raast RTP by March 31, 2024. Non-compliance may lead to actions under the Payment Systems and Electronic Fund Transfer Act, 2007.

Every day, 1.3 million person-to-person (P2P) transactions happen on Raast, totaling Rs28 billion. The State Bank launched the person-to-merchant (P2M) online payment system within Raast. Merchants can now accept real-time payments, using static or dynamic QR codes.

The P2M system allows merchants to have aliases on Raast, similar to user handles on social media. It also enables companies to create aliases with unique till codes for each checkout till. Retailers can use static QR codes for customers to scan and pay. Dynamic QR codes include the amount and are generated for each customer.

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The Request to Pay feature is useful for paying bills, school fees, or taxes. E-commerce firms can print QR codes for customers to scan and pay upon delivery. The State Bank aims to make digital payments convenient and accessible for everyone.

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