To help businesses and merchants accept digital payments, State Bank of Pakistan (SBP) introduced an interoperable Raast Person to Merchant (P2M) service.
Raast P2M Service
As part of the Raast Implementation Project, the “P2M” has introduced, allowing businesses to accept payments via Quick Response (QR) Codes, Raast Aliases, IBANs, and Request to Pay (RTP).
Technical specifications have already distributed by the SBP to the relevant Regulated Entity (RE) teams.
Pakistan’s merchant and business transaction digitization expected to pick up speed thanks to the Raast P2M service.
As a result, by March 1st, 2024, all REs will enable the necessary features for processing P2M transactions through their delivery channels, which include mobile apps, online banking portals, and USSD channels.
User-Friendly Customer Interface
In order to optimize the uptake of digital payment services via P2M Service, all REs required to create user-friendly, streamlined, and effective customer interfaces and refrain from charging any fees to their clients for making purchases.
Unless there are legitimate concerns about fraud, cyber security, or AML, the REs will not impose restrictions on the quantity or number of transactions carried out by their clients.
Customers will receive immediate confirmation of transactions or notifications of rejections from REs, and they will also make sure that account statements that are accessible to them through digital channels (apps and internet portals) are updated in real time.
Raast Merchant Service Providers (MSPs) requested to make sure that businesses, such as merchants, aggregators, marketplaces, and billers, onboarded after carrying out due diligence in compliance with applicable laws and regulations and deploying QR codes in accordance with guidelines or directives provided by SBP.
Give merchants the option to accept or reject a customer’s request for a refund or return of a transaction by using the Raast merchant interface that MSP has provided.
Make sure that as soon as Raast provides advice regarding a payment rejection or confirmation, merchants receive it.
They will also offer real-time payment confirmation.
Benefit For Merchants
Make sure that money is credited to merchant accounts instantly or within the timeframes specified in agreements with third parties and merchants.
Additionally, the MSPs have the right to bill merchants a fair price for the services they render.
To encourage merchant adoption, they are urged to initially waive these fees.
To read our blog on “SBP launches instant and free P2P payments system under Raast,” click here.