The State Bank of Pakistan’s (SBP) Raast P2M payment mechanism is designed to accelerate the digitization of merchant and business transactions nationwide. The service aims to facilitate and simplify digital payment acceptance for merchants and promote business growth. The strategic move by the SBP reflects a significant leap towards establishing a digital and financially inclusive economy.
With the integration of Raast P2M, all easypaisa users can now seamlessly and securely scan and pay through any Raast P2M QR codes on their smartphones nationwide. Key features of the Raast P2M ecosystem include open-loop static and dynamic QR payments, request to pay (RTP), alias-based payments, instant and real-time merchant settlement, and till codes for customers who do not own smartphones. The SBP-supported dispute resolution mechanism also ensures a robust framework for efficiently resolving payment-related disputes. The integration also enables easypaisa to deploy Raast QR Codes on acquired merchants, which can be scanned through any digital banking app or wallet operating on Raast.
The service enables merchants and small businesses to receive real-time payments from their customers using static or dynamic Raast QR codes. Merchants and business owners can print and display a static QR code on their store’s countertop, allowing customers to make instant payments. Customers can make payments by choosing the Raast option on their mobile banking app or digital wallet, scanning the code, inserting the transaction amount, and making the payment seamlessly.
Farhan Hassan, Head of easypaisa Wallet Business, remarked, “Integrating Raast P2M with easypaisa amplifies our mission to spearhead a financially inclusive Pakistan, enabling businesses and merchants to receive instant customer payments. Our robust technological framework supports the SBP, our customers, merchants, and businesses in advancing toward a cashless society through seamless person-to-merchant payments. As we transition towards establishing a Digital Retail Bank, pending regulatory approvals, we remain steadfast in driving Pakistan’s digital financial ecosystem forward through our innovative Person to Person (P2P) and Person to Merchant (P2M) service offerings.”
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