SBP launches highly anticipated Raast Person-to-Merchant
(P2M) Service
The State Bank of Pakistan has issued directives to its
Regulated Entities (REs) to implement the Raast Person-to-Merchant (P2M)
payment service for their customers.
This P2M service allows businesses to accept payments
through Quick Response (QR) Codes, Raast Alias, IBAN, and Request to Pay (RTP).
Additionally, customers can use the Raast platform to initiate returns/refunds.
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The system facilitates push payments to merchant Raast
Aliases and IBANs, along with processing Request to Pay (Now/Later)
transactions initiated by merchants or third parties. The introduction of this
P2M service is expected to expedite the digital transformation of merchant and
business transactions in Pakistan through various financial operators.
In response, all Regulated Entities (REs) are required to
enable P2M transactions via their delivery channels, including mobile apps,
internet banking portals, and USSD channels, by March 1, 2024. To encourage the
adoption of Raast P2M Service, REs must design efficient, seamless, and
user-friendly interfaces without imposing any fees on customers for
transactions.
State
Bank of Pakistan (SBP) appreciates impressive growth in mobile and internet
banking
REs should not impose restrictions on the number and amount
of transactions unless there are genuine concerns related to fraud,
cybersecurity, or anti-money laundering. Instant transaction confirmations or
rejections must be provided to customers, and digital account statements should
be updated in real-time.
Raast Merchant Service Providers (MSPs) are tasked with
onboarding businesses, conducting due diligence, deploying QR codes, and
ensuring prompt payment confirmation. While MSPs may charge fees from
merchants, they are encouraged to waive charges initially to promote adoption.
Furthermore, MSPs can collaborate with third parties for
billing/invoicing services over Raast merchant services and integrate Raast P2M
into partner apps, complying with SBP regulations. Specialized services,
discounts, and loyalty programs can also be offered in collaboration with other
REs.
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Non-compliance with Raast-related instructions may result in
punitive action under relevant provisions. REs must establish dispute
resolution, liability, and risk management frameworks for on-boarded merchants
and third parties. Preventative measures against cybersecurity threats and fraud
must be implemented, following international best practices.
To ensure compliance, all REs, including banks, MFBs, EMIs,
PSOs, and PSPs operators, are required to submit a status report by April 1,
2024, duly signed by the Chief Operating Officer (COO) and Chief Compliance
Officer (CCO).
Source: Pro Pakistani