The State Bank of Pakistan (SBP) has introduced a consolidated customer onboarding framework, directing banks and regulated entities (REs) to actively offer digital payment acceptance solutions to merchants operating in both physical stores and online. This move is part of the central bank’s broader push to drive digital transformation in Pakistan’s financial landscape and expand access to banking and payment solutions.
The newly released framework is designed to streamline and standardize the account opening process across financial institutions while promoting digitization and financial inclusion. It simplifies documentation requirements and facilitates account opening through digital interfaces at multiple customer touchpoints. The SBP has mandated that the turnaround time for opening new accounts for the general public should not exceed two working days.
In line with enhancing transparency, customers will now be able to track the status of their account applications through integrated digital systems. This ensures a more user-friendly and efficient experience for account holders, removing the opacity that has traditionally hampered onboarding in the financial sector.
Over the years, SBP has rolled out several initiatives aimed at expanding digital finance infrastructure, including Asaan Accounts, branchless banking, digital onboarding mechanisms, and customized account solutions for freelancers, home remittance beneficiaries, and overseas Pakistanis. The current framework builds on these efforts by allowing customers to open any type of account through digital means, eliminating the need for branch visits.
An integral part of this framework focuses on merchant enablement. To ensure that both new and existing merchants can accept digital payments, SBP has advised REs to deploy at least one digital payment solution per merchant. These options include Raast QR code, Point of Sale (POS) terminals, and e-commerce or Raast checkout solutions. This policy applies to merchants across the board—whether operating physical outlets or online platforms.
To better serve the needs of merchants, the SBP has directed banks and REs to classify them into three categories: micro, small, and registered merchants. Micro merchants are defined as individuals operating accounts or wallets under their name, with monthly transaction and balance limits of PKR 2 million and PKR 3 million respectively. Small merchants include those operating as sole proprietors or unregistered partnerships, while registered merchants are those who have formal registration with relevant authorities.
All REs must ensure that digital payment acceptance tools such as Raast QR codes are integrated into existing merchants’ operations by October 31, 2025. This deadline is part of the regulator’s larger strategy to shift the country away from a predominantly cash-based economy toward a digitized and transparent payment infrastructure.
By implementing this comprehensive framework, the SBP aims to not only ease the onboarding process for customers but also support merchants—especially small and micro businesses—in becoming part of the digital economy. The measures are also intended to reduce friction in person-to-merchant transactions and to provide scalable, low-cost solutions for expanding digital payments nationwide.
The SBP noted that these initiatives will support broader financial inclusion goals, strengthen the country’s digital economy, and align Pakistan’s regulatory environment with international benchmarks for safety and efficiency.