SBP sets March 2025 deadline for Raast P2M adoption

By MG News | Category Central Bank | November 29, 2024 at 04:24 PM GMT+05:00

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November 29, 2024 (MLN): In reference to the launch of the Raast Person-to-Merchant (P2M) Service, the State Bank of Pakistan (SBP) has directed all REs to ensure that their existing account holders providing in-store and/or online shopping services to customers are enabled with Raast P2M digital payment acceptance services, as outlined in the aforementioned circular, by March 31, 2025.

Further, REs are directed to ensure that all new-to-bank merchants/businesses shall be enabled with Raast P2M service as part of their onboarding process.

REs may either provide these services themselves through direct integration with Raast P2M or by partnering with an existing SBP regulated EMI/PSO/PSP.

Moreover, all REs shall submit a monthly progress report to PSDOversight@sbp.org.pk as per Annexure – A 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," the central bank's circular concludes.

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