Direction RAAST has been given to all banks and other institutions for enabling implementation by 31 March 2025 for e-commerce and online shopping stores.
This is how the banks will put in place RAAST P2M digital payment acceptance services to the aforementioned companies that are already hooked to the banking system, just like their customers.
“The above circular went on to state that all REs would have their existing account holders providing in-store and/or online shopping services enabled with RAAST P2M digital payment acceptance services by March 31, 2025. ”
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The banking regulator further advised banks and financial institutions to ensure that all new-to-bank merchants/businesses would be enabled with the RAAST P2M service while onboarding them. REs could either deliver these capabilities directly through their integration with RAAS P2M or partner with some other SBP-regulated EMI/PSO/PSP, read the circular.
“RAAST P2M serves to hasten the digitization of commercial and merchant transactions in Pakistan. Thus, it has also been decided that all REs should enable the following capabilities in their means of delivering this capability to their customers: mobile apps, internet banking portals, and USSD channels.
Under the RAAST implementation project, SBP operated an interoperable RAAST P2M service enabling acceptance of digital payments by merchants and businesses. The RAAST P2M service will facilitate merchants in accepting payments using Quick Response (QR) Codes, RAAST Alias, IBAN, and Request to Pay (RTP).