Raast P2M: Your Guide to Digital Payment Acceptance
Pakistan’s State Bank (SBP) has launched the Raast Person-to-Merchant (P2M) service, aiming to revolutionize digital payment acceptance for businesses. This new system enables merchants to accept payments through various methods, including QR codes, mobile numbers (Raast Alias), bank accounts (IBAN), and Request to Pay (RTP).
Here’s what you need to know:
- Benefits for Merchants:
- Diverse payment options: Accept payments through QR codes, mobile numbers, bank accounts, and Request to Pay.
- Efficient and seamless: Transactions are confirmed instantly, and account statements are available in real-time.
- No customer fees: Customers are not charged any fees for using Raast payment options.
- Increased adoption: Widespread availability through REs and existing merchant acquiring REs.
- Requirements for Merchants:
- Integration with Raast: Merchants and e-commerce players need to integrate with Raast by March 31, 2024.
- Dispute resolution: Comprehensive dispute resolution mechanisms must be established for merchants and third parties.
- Cybersecurity: Measures must be taken to prevent data loss, cyber threats, fraud, and misuse of the service.
- Service charges: Merchant service providers (MSPs) are advised to initially waive service charges.
Overall, the Raast P2M service offers a convenient and secure way for businesses to accept digital payments, potentially boosting efficiency and attracting customers. With its diverse payment options, ease of use, and focus on merchant and customer benefits, Raast P2M is poised to play a significant role in Pakistan’s digital payment landscape.
For more information, visit the State Bank of Pakistan website.
