Please refer to DI&SD Circular No.1 dated February 03, 2022, regarding the launch of Person to Person Payment (P2P) service.

2. As part of Raast implementation project, SBP has now also launched an interoperable Raast P2M service to facilitate digital payment acceptance for merchants and businesses. The P2M service will enable payment acceptance by businesses using Quick Response (QR) Codes, Raast Alias, IBAN and Request to Pay (RTP). In this regard, technical specifications have already been shared with concerned teams of the REs.  

3. The Raast P2M service is set to accelerate the pace of digitization of merchant and business transactions in Pakistan. Accordingly, it has been decided that all REs shall enable the following capabilities for processing P2M transactions via their delivery channels including mobile apps, internet banking portals and USSD channels (where applicable) by March 01, 2024:

1. Read/scan Raast P2M QR codes in line with DI&SD’s Circular Letter No. 1 dated March 02, 2022 and related specifications/instructions issued by SBP.
2. Process Request to Pay (Now/Later) transactions initiated by merchants or third parties.
3. Enable Push Payments to merchant Raast Aliases and IBANs.
4. Enable customers to initiate the request for returns/refunds through Raast provided option.

 4. To ensure maximum adoption of digital payment services through Raast P2M Service, all REs shall:

1. Design efficient, seamless and easy to use customer interfaces.
2. Not charge any fee from their customers paying for their transactions.
3. Not restrict the number and amount of transactions performed by their customers unless there are genuine fraud/cyber security/AML related concerns.
4. Provide instant transaction confirmation or rejection notification to customers.
5. Ensure that account statements available for customers on digital channels (apps/internet portals) are updated in real time.

 5. Raast Merchant Service Providers (MSPs) shall ensure the following:

1. Onboard businesses including but not limited to merchants, aggregators, marketplaces and billers, after conducting due diligence in line with the relevant laws and regulations.
2. Deploy QR codes in line with DI&SD’s Circular Letter No. 1 dated March 02, 2022, and follow the related specifications/instructions issued by SBP.
3. Enable following Raast payment acceptance modes for the merchants:
1. Request to Pay (RTP) Now – a request to pay initiated from the receiver of payment to the sender of payment with a shorter expiry period.
2. Request to Pay (RTP) Later – a request to pay initiated from the receiver of payment to the sender of payment with a longer expiry period.
3. IBAN – International Bank Account Number.
4. Merchant Alias (Till codes, Virtual Payment Addresses, Merchant IDs etc.)
5. Static and Dynamic QR codes.
4. Enable merchants to accept or reject the request for refunds/returns of a transaction initiated by the customer using MSP’s provided Raast merchant interface.
5. Ensure that merchants receive payment confirmation/rejection advice immediately after receiving such advice from Raast. Further, they shall provide real time payment confirmation (e.g. real-time account statement) to merchants.
6. Ensure that funds are credited into merchant accounts on real time basis or as per the timelines agreed with merchants and third parties.
7. Facilitate merchants by providing efficient, convenient and user friendly check out services and offering mobile apps/devices for both proximity and online payments.
8. Devise comprehensive dispute resolution, liability and risk management frameworks for on-boarded merchants as well as for third parties.
9. Take all possible steps to prevent the loss of customer data and funds due to cybersecurity threats. In this regard, special care must be taken to safeguard the systems and devices at merchant end as per international best practices.
10. Take all necessary steps for preventing frauds and misuse of Raast P2M Service in line with relevant instructions issued by SBP from time to time.
11. Ensure that customers are not charged any fee on their purchases, by merchants or third parties.

6. Further, the MSPs may also:

1. Charge a reasonable fee from merchants for the services provided; however, they are encouraged to initially waive off such charges to promote merchant adoption.
2. Co-brand their check-out service with Raast P2M Service.
3. Enter into agreements with third parties offering billing/invoicing services over Raast merchant service. Further, MSPs may embed Raast merchant services for check out purposes into their partner apps. However, they will have to comply with all relevant SBP regulations as issued from time to time.
4. Enter into agreement with other REs to offer specialized services / packages / discounts / loyalty programs aimed at accelerating the adoption of Raast merchant services.

7. Existing merchant acquiring REs shall complete the following activities by March 31, 2024:

1. Enable necessary integrations with Raast P2M.
2. Enable Raast payment acceptance via P2M at their respective merchant locations and e-commerce checkouts.
3. Replace legacy QR Codes with Raast enabled P2M QR codes.

8. Other REs desirous of becoming Raast Merchant Service Providers (MSP) shall intimate SBP’s Digital Innovation & Settlements Department (DI&SD) and complete necessary technical requirements for integrating with Raast.

9. All REs shall ensure that billers/bill-aggregators already on-boarded by them are also enabled to accept payments via Raast RTP by March 31, 2024.

10. All REs including MSPs shall take necessary measures for creating awareness about Raast Merchant Services and promoting its adoption. This may include designing and launching media and on ground campaigns, promotional activities and strategic alliances.

11. Non-compliance of the Raast related instructions shall attract punitive action under the relevant provisions of the Payment Systems and Electronic Fund Transfer Act, 2007.

12. All REs shall submit the status of compliance of this circular duly signed by the Chief Operating Officer (COO) and Chief Compliance Officer (CCO) to this department on or before April 01, 2024.

Please acknowledge receipt at: [email protected]