SBP allocates Rs3.5bn subsidy for Raast P2M QR payments

September 24, 2025 (MLN):  The State Bank of Pakistan (SBP) has allocated subsidy for Raast Person-to-Merchant (P2M) QR Code transactions, aimed at encouraging the digital onboarding of merchants, according to a circular issued to all banks, MFBs, EMIs, PSOs, and PSPs.

Under the initiative, the federal government has allocated Rs3.5bn for the period from September 1, 2025, to June 30, 2026.

The subsidy will be paid at a rate of 0.5% of the value of each Raast P2M QR transaction or Rs100, whichever is lower, and will be shared equally between the merchant’s financial institution (FI) and the customer’s FI.

The REs, in addition to the subsidy, may charge up to 0.25% of the transaction value on boarding or servicing the merchants,” the circular reads.

The subsidy will be released on a quarterly basis. In case the total annual subsidy amount exceeds Rs3.5bn, the rate will be adjusted downward to ensure equitable distribution among all SBP-regulated entities at an equal rate within the budget ceiling. The detailed mechanism for subsidy disbursement is placed at Annexure – A .

All REs have been directed to maintain complete records of the subsidy process for verification and audit purposes, SBP added.

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