On Nov. 29, 2024, PAK CB said REs must enable existing account-holders providing shopping services with P2M digital payment acceptance services by Mar. 31, 2025.
All new merchants or businesses must be enabled with this service during onboarding.
REs may offer Raast P2M services via direct integration or by partnering with regulated electronic money institution, payment system operator, or payment service provider.
Monthly progress reports are due starting from Jan. 5, 2025, and on the 5th of each month thereafter; failure to comply will result in penal or regulatory actions.
In Feb. 2025, PAK CB outlined requirements for Raast participants, see #244786.
On Feb. 3, PAK CB issued a circular on Raast P2P payment service.
PAK CB announced implementation of Raast person-to-person (P2P) payment service.
Follows PAK CB Oct. 2021 issued payment systems review 2020-2021, see #119640.
Raast P2P Service
Raast (correct and direct) offers instant, reliable and zero-cost digital payment system.
Raast P2P service will provide a convenient and hassle free digital fund transfer service to customers and provide an efficient and enabling payments infrastructure that would pave way for digitization of the economy and promotion of digital financial services.
Under Raast P2P fund transfers and settlement services, customers can send and receive funds using bank’s mobile app, internet banking or over the counter services.
Participant Banks
PAK CB has directed all banks to make Raast P2P fund transfer service available on at least 3 customer channels including mobile application, internet banking and branches.
The press release includes a list of banks that have completed necessary technological upgrades and other preparations and offering Raast P2P services to account holders.
More banks will start offering Raast P2P services after completing their preparations.
PAK CB directed banks to ensure funds transferred through Raast should be credited into recipients’ accounts within 20 seconds of receiving request from Raast system.
To promote digital financial services, banks advised not to levy any charges on Raast services and transactions conducted through Raast should be free for end customers.
To facilitate this, PAK CB will also offer the Raast services free of cost to banks.
Further, to facilitate their customers, banks will not assign minimum transaction size.
In general, banks shall allow transaction limits of PKR 200,000 per transaction or higher depending on the bank’s assessment of the customer's risk profile.
For particular account types where PAK CB has prescribed limits from time to time, the maximum transaction limit could be lower than PKR 200,000 per transaction.
Feb. 15, 2022, Payment System Launched
On Feb. 15, 2022, PAK CB announced the launch of the second phase of Raast.
This second phase is designed to facilitate person-to-person transactions under Raast.
The newly launched system will enable people to execute digital payments instantly, securely, and conveniently without paying any fees and enable innovation.
Raast allows connecting bank accounts to user’s mobile number, called Raast ID.
The facility can be used on mobile apps and internet banking portals of banks.
For those who do not have a phone, Raast service is also available in bank branches.
Mar. 2022 Transaction Limits
On Mar. 15, 2022, PAK CB said it will not set any transactional limits on Raast system.
This will be from effective from Apr. 1, 2022 to further facilitate users of Raast.
Banks/MFBs/EMIs may set in their system Raast transaction limits for their customers based on their risk profile in compliance with the relevant AML/CFT requirements.
In terms of para 3 (f) customer transaction limits for Raast payments shall not be less than Rs.200,000/- per transaction or limits applicable as per the account type.
The aggregate customer limit assigned shall not be less than the interbank fund transfer (IBFT) limit; the aggregate limit shall be communicated to the customers.
Banks/MFBs/EMIs shall ensure that above mentioned technical as well as operational arrangements and readiness are in place not later than Mar. 21, 2022.
Entities must further ensure strict compliance by providing their customers with the option to increase or decrease the transaction limits by using their mobile apps.
This access to mobile banking has to be available no later than Apr. 10, 2022.
Dec. 2023 Person-to-Merchant (P2M)
On Dec. 5, 2023, PAK CB issued instructions to regulated entities to enable Raast person-to-merchant (P2M) payment service, allows merchants to accept payment.
The circular mandates banks, micro finance banks, electronic money institutions, payment service providers to implement specific capabilities by Mar. 2024.
Such as reading/scanning Raast QR codes, processing request to pay, pushing payments to merchant Raast aliases and IBANs, and initiating return/refund requests.
Regulated entities (REs) are instructed to provide user-friendly interfaces for their customers and should not charge any fees for Raast payment options.
Existing merchant acquiring REs must integrate with Raast to enable their merchants, ecommerce players to accept payments through Raast P2M service by Mar. 31, 2024.
REs should also ensure that billers/bill-aggregators they have onboarded are capable of accepting payments via Raast options by the same date, i.e Mar. 31, 2024.
Enabling Raast P2M is expected to significantly enhance SBP's digitalization efforts, allowing vendors across the country to receive real-time payments for goods, services.
Dec. 6, 2023 Press Release
On Dec. 6, 2023, PAK CB issued press release re issuance of instructions to its REs, outlines instructions contained in the Dec. 5 circular noted above.
Nov. 2024 Mandatory Deadline
On Nov. 29, 2024, PAK CB said REs must enable existing account-holders providing shopping services with P2M digital payment acceptance services by Mar. 31, 2025.
All new merchants or businesses must be enabled with this service during onboarding.
REs may offer Raast P2M services via direct integration or by partnering with regulated electronic money institution, payment system operator, or payment service provider.
Monthly progress reports are due starting from Jan. 5, 2025, and on the 5th of each month thereafter; failure to comply will result in penal or regulatory actions.
In Feb. 2025, PAK CB outlined requirements for Raast participants, see #244786.
