Business

New Raast P2M Service Simplifies Digital Payments for Businesses

by 0 3 Views
New Raast P2M Service Simplifies Digital Payments for Businesses

The State Bank of Pakistan (SBP) has launched a new Raast Person-to-Merchant (P2M) payment service, making it easier for businesses to accept digital payments. This move is expected to significantly boost digital payment adoption in Pakistan.

Seamless Payment Options:

Merchants can now accept payments through various modes, including QR codes, mobile phone numbers (Raast Alias), bank accounts (IBAN), and Request to Pay (RTP). This flexibility provides customers with convenient payment options and eliminates the need to carry cash.

Deadline for Integration:

All banks, Micro Finance Banks (MFBs), Electronic Money Institutions (EMIs), Payment System Operators (PSOs), and Payment Service Providers (PSPs) must enable the Raast P2M service for their customers by March 1, 2024.

Key Features:

  • Read/Scan RAAST QR Codes: Merchants can easily accept payments by scanning customer QR codes.
  • Process Request to Pay (Now and Later): Customers can send payment requests to merchants for immediate or future payments.
  • Push Payments to Merchant RAAST Aliases and IBANs: Merchants can accept payments directly to their registered mobile numbers or bank accounts.
  • Initiate Refunds: Merchants can easily issue refunds to customers through the Raast platform.

Benefits for Customers:

  • No Fees: Customers will not be charged any fees for using Raast payment options.
  • Instant Confirmation: Transactions are confirmed instantly, providing peace of mind for both customers and merchants.
  • Real-time Account Statements: Customers can access their account statements in real-time through their banking apps and internet portals.

Boosting Digital Payment Adoption:

With its ease of use and convenience, the Raast P2M service is expected to significantly increase digital payment adoption in Pakistan. This will benefit both businesses and customers, promoting a more cashless and efficient economy.

Next Steps:

  • Merchant Integration: Existing merchant acquiring REs must complete integration with Raast P2M by March 31, 2024.
  • Billers and Aggregators: Billers and bill aggregators must also be enabled to accept Raast payments by March 31, 2024.
  • Risk Management: REs must develop comprehensive dispute resolution, liability, and risk management frameworks.
  • Cybersecurity: REs must take steps to prevent loss of customer data and funds due to cyber threats.
  • Merchant Service Providers: MSPs are encouraged to initially waive service charges and offer specialized services to promote Raast merchant services.

With the launch of Raast P2M, Pakistan is taking a major step towards a more digital and inclusive economy. This initiative will benefit businesses of all sizes and provide customers with more convenient and secure payment options.

Related Articles