KARACHI, February 25, 2025 – In a move to strengthen Pakistan’s digital payment infrastructure, the State Bank of Pakistan (SBP) has officially issued the Raast Participation Criteria, aimed at facilitating applicants who wish to become participants in the country’s instant payment system. Raast, an innovative payment platform, is designed to enable safe, fast, and efficient fund transfers, offering various use-cases such as bulk payments, person-to-person (P2P) transfers, and person-to-merchant (P2M) transactions.
The Raast system, which has been hailed as a game-changer for Pakistan’s digital economy, facilitates seamless transactions between individuals and businesses across the country. By providing a platform that supports instant payments, Raast aims to revolutionize the way financial transactions are conducted, ultimately driving the country’s digital transformation.
To ensure smooth integration and participation, SBP has outlined specific criteria that interested parties must meet to become approved participants in the Raast ecosystem. These participation requirements are designed to ensure that participants have the necessary infrastructure, security measures, and operational capacity to meet the system’s high standards. The Raast Participation Criteria are applicable to all existing and future participants, setting a clear framework for future integrations.
The issuance of the participation criteria is an important step in advancing Pakistan’s push towards a cashless economy. By fostering greater adoption of digital payments, Raast is expected to enhance the efficiency and accessibility of financial transactions, helping both individuals and businesses across Pakistan to transact seamlessly. The system is particularly beneficial for sectors such as e-commerce, government payments, and remittances, where quick and secure transactions are critical.
The SBP has emphasized its commitment to supporting the digital payments landscape in Pakistan. By issuing these participation criteria, the central bank aims to ensure that the Raast platform remains inclusive and secure for all users, while also promoting broader participation in the country’s digital economy. The Raast Participation Criteria outline the minimum requirements for different categories of participants, which include banks, payment service providers, and financial institutions.
Furthermore, the criteria are in line with the Payment Systems and Electronic Fund Transfers Act of 2007, which grants SBP the authority to regulate and oversee payment systems in Pakistan. The guidelines are effective immediately, enabling potential participants to begin their applications and integration processes without delay.
The central bank’s confidence in the growing digital payment infrastructure is reflected in its continued support for the Raast system, which is expected to play a key role in the development of Pakistan’s financial technology ecosystem. As more participants join the Raast network, it is anticipated that the country will experience significant growth in digital financial transactions, leading to greater financial inclusion and economic development.
With the Raast Participation Criteria now in place, SBP is further reinforcing Pakistan’s commitment to modernizing its payment systems, ensuring that the country remains competitive in the global digital economy. The introduction of this framework will help streamline the application process, providing a clear pathway for stakeholders to become part of Pakistan’s innovative instant payment ecosystem.