Raast P2M payments are coming to Pakistan’s stock market. The Central Depository Company of Pakistan (CDC) and EClear Services Limited announced on October 26, 2026 that they are expanding their collaboration to bring advanced digital payment and investor verification services to Pakistan’s capital market under CDC’s Raast Aggregator framework. This is a big step forward for stockbrokers and investors who still rely on slow, manual payment processes every trading day.
What CDC and EClear Are Doing with Raast P2M Payments
CDC has become the first institution to extend Raast Person-to-Merchant (P2M) payment solutions and Raast-based IBAN-CNIC validation services to Pakistan’s capital market. This builds on earlier work that is already live: CDC’s implementation of Raast Person-to-Person (P2P) and Static QR Code services already enables customers of capital market entities to transfer funds for trading, investment, and other purposes.
Now, the collaboration takes things further. EClear Services is set to become the first institution in Pakistan’s stock market to adopt Raast P2M Request to Pay Later (RTPL) and Dynamic QR Code use cases. In plain terms, this means brokers connected to EClear will be able to send payment requests to their clients digitally and collect funds through instant, QR-based channels, instead of chasing people with phone calls or waiting for manual bank transfers.
Why This Matters for Brokers and Investors
One of the most practical uses of these new services hits right where brokers feel the pain most. One such application is the automation of debit and margin calls by EClear’s connected Trading Only (TO) brokers, offering a more streamlined alternative to conventional payment collection processes.
For anyone who has traded on the Pakistan Stock Exchange (PSX), a margin call is a stressful situation. Your broker needs money from you fast, and delays cost everyone. With Raast P2M payments now in the picture, a broker can send a digital payment request directly to an investor’s banking app and get paid almost instantly, no back-and-forth, no delays.
The services will allow participating brokers to send payment requests and collect funds through digital channels, reducing reliance on manual payment processes. Dynamic QR codes will offer another way to initiate payments, while IBAN-CNIC Validation will provide an additional investor verification service.
The IBAN-CNIC validation piece is also worth noting. It ties a bank account number (IBAN) to a national identity card number (CNIC), so brokers can verify that the person paying is actually the registered investor. This reduces fraud risk and makes compliance easier for brokerage firms.
How CDC’s Raast Aggregator Framework Works
CDC acts as a bridge between the State Bank of Pakistan’s Raast infrastructure and the capital market. Think of it as a single plug that lets stock market institutions connect to Pakistan’s national instant payment rail without each one having to build their own connection.
Through its Raast Aggregator framework, CDC continues to expand the digital capabilities available to Pakistan’s capital market by leveraging the State Bank of Pakistan’s Raast infrastructure to facilitate innovative payment solutions and streamline financial processes.
CDC has continued to adopt the latest payment solutions under the Raast framework and extend their benefits to capital market participants, including mutual fund companies, stockbrokers and insurance companies. The expanded partnership with EClear adds a new tier to this ecosystem by bringing in P2M and RTPL use cases that were previously only available to general retail merchants, not stock market participants.
CDC’s History with Raast Goes Back to 2021
This is not CDC’s first move in the digital payments space. CDC was the first capital market institution to connect with the State Bank of Pakistan’s Raast system, successfully implementing Raast’s first use case of the bulk payments mechanism for its eDividend initiative in 2021. That initiative allowed companies to pay dividends directly to investor bank accounts through Raast, replacing slow cheque-based processes.
The journey from bulk eDividends in 2021 to full Raast P2M payments and dynamic QR codes in 2026 shows how steadily Pakistan’s capital market has moved toward digital infrastructure. What other markets in the region take for granted is now being built out, piece by piece, in Pakistan’s PSX ecosystem.
You can read more about the broader push to connect Pakistani institutions with digital financial tools in our coverage of how regional fintech players are eyeing the Pakistan market.
What Is Raast P2M and Why Does It Matter Beyond the Stock Market?
Raast is the State Bank of Pakistan’s instant payment system, designed to move money between bank accounts in real time at zero cost to the end user. The P2P (Person-to-Person) layer was the first to go live and lets individuals send money to each other instantly.
P2M (Person-to-Merchant) is the next layer, letting customers pay businesses instantly through QR codes or payment links. While retail merchants have been able to use Raast P2M for a while, bringing it into the stock market is a newer development that closes a gap between everyday digital payments and formal investment infrastructure.
By enabling market participants to access and integrate these services, CDC is helping lay the foundation for a more connected, efficient and digitally enabled investment ecosystem.
Frequently Asked Questions
What is Raast P2M and how does it work in the stock market?
Raast P2M (Person-to-Merchant) is the State Bank of Pakistan’s instant payment layer that lets a customer pay a business in real time through a QR code or payment request link. In the stock market, CDC’s Raast Aggregator framework allows brokers to send payment requests to investors and collect funds instantly, removing the need for manual bank transfers or cheques.
What is Raast P2M Request to Pay Later (RTPL)?
RTPL is a feature within the Raast P2M system that lets a broker send a payment request to an investor, who can then approve and complete the payment from their banking app at a set time. It is especially useful for automating margin calls and debit notices in brokerage operations, as brokers no longer need to follow up manually.
What is IBAN-CNIC validation and why does a broker need it?
IBAN-CNIC validation is a Raast-based service that checks whether a bank account (identified by its IBAN number) belongs to the person holding a specific CNIC (national identity card). For brokers, this is a simple way to verify investor identity before processing payments, which reduces fraud and improves regulatory compliance.
Which institution is first to use these services in Pakistan’s stock market?
EClear is set to become the first institution in Pakistan’s stock market to adopt Raast’s Request to Pay Later (RTPL) and dynamic QR code services, allowing brokers to manage and collect payments more efficiently. CDC is the aggregator making this possible through its Raast framework.
