Please refer to PSP&OD Circular No. 04 of 2023 regarding the “Launch of Raast Person to Merchant (P2M) Service”.  

2. In this regard, it has been decided that all REs shall ensure that their existing account-holders who are providing in-store and/or online shopping services to their customers are enabled with Raast P2M digital payment acceptance services as per the aforementioned Circular by March 31, 2025.

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

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

5. All REs shall submit a monthly progress report to [email protected] as per Annexure – A on the 5th of every proceeding month. The first report, in this regard, is due on January 05, 2025.

6. Failure to comply with these instructions shall attract penal/regulatory actions under relevant provisions of the Payment Systems & Electronic Fund Transfer Act 2007.

Encl: Annexure A