Karachi December 2 2024: State Bank of Pakistan has decided that all Banks/MFBs/EMIs/PSOs/PSPs shall ensure that their existing account-holders who are providing in-store or online shopping services to their customers are enabled with Raast P2M digital payment acceptance services by March 31, 2025.
Further, the financial institutions shall ensure that all new-to-bank merchants/businesses shall be enabled with Raast P2M service as part of their onboarding process.
Financial Institutions may either provide these services themselves through direct integration with Raast P2M or by partnering with an existing SBP regulated EMI/PSO/PSP.
All Financial Institutions shall submit a monthly progress report to SBP on the 5th of every proceeding month. The first report, in this regard, is due on January 05, 2025.
Failure to comply with these instructions shall attract penal/regulatory actions under relevant provisions of the Payment Systems & Electronic Fund Transfer Act 2007.
