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KARACHI: The State Bank of Pakistan (SBP) is all set to launch the person-to-merchant (P2M) online payment system on its instant payment system - Raast. The new P2M system will enable the merchants and small businesses to receive instant payments from their customers.

Addressing the 21st conference on ‘Future Banking Summit 2023’ organized by Total Communication on Tuesday, Qazi Shoaib Ahmad, Director, Payment Systems Policy & Oversight Department, State Bank said that SBP’s Raast is one of the most successful payment system and since its launch, over 32 million account holders have been registered with Raast and 225 million transactions amounting to Rs4.6 trillion have been done through Raast platform.

Now, more features are being added in the Raast payment system, he said and added that the after the successful implementation of Person-to-Person (P2P), the SBP has planned to launch P2M and expected to be formally launched in the coming months.

Payments from customers: SBP plans to launch QR Code-based ‘P2M’ system by 2023

“P2M has also been deployed in the first week of September six entities including Bank Alfalah, MCB Bank, Allied Bank, JS Bank, Easypaisa and 1Link have already been on board on P2M.While more banks will be on board on the P2M to facilitate their customers for instant payments,” he added.

He informed that state bank has already issued standards on QR code and believed that QR payment base P2M will be most useful utility for the unbanked population.

Talking about the digital currencies, he said that currently, the state bank is learning that how the digital currencies are working globally to understand different dimensions of CBDC.

On the occasion, Nadeem Hussain, Coach at Raqami Bank, said that the five digital banks, which have already got SBP’s license last week are going to revolutionize the lending landscape in the country.

He said that digital banks are expected to reduce the bank account opening and lending duration for corporate entities to facilitate them.

Zohaib Khan, Chairman, P@SHA, said urged upon the banks to facilitate IT and software freelancers in freely moving their foreign earnings inside and outside Pakistan. The increased facilitation would help increasing foreign currency inflows in the country.

Naveed Ali Baig, CEO, Innovative Pvt. Ltd. compared the digital banking landscape in Pakistan with its neighbourhood and peer countries. He said Iran was far ahead Pakistan in terms of deploying ATM machines and point-of-sales (POS).

Total Communications awarded two special awards. The award for digital banking goes to Bank Alfalah, while the award for deploying the higher number of ATMs in the past one-year goes to MCB Bank.

The one-day conference also features two fireside chants on (1) Data Analytics and APIs: Creating a Competitive Edge and (2) Fintechs: From disrupters to Enablers. It also held three panel discussions on unlocking next-gen engagement in digital banking, block chain technology and the future of banking and cyber security at the core of digital transformation.

Copyright Business Recorder, 2023

Comments

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Mohammad Anwar Sep 27, 2023 07:30am
State bank should ask banks to simplify account opening form and conditions
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Ali Sep 27, 2023 01:07pm
@Mohammad Anwar they don't care. If you are an overseas Pakistani then opening a bank account is the worst thing to do in life in Pakistan
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Zakawat Sep 27, 2023 02:02pm
I am really hopeful about this P2M solution and the QR code will revolutionaries this. insha'Allah!
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Hamza Sep 27, 2023 02:09pm
@Mohammad Anwar , SBP can't do anything in this regard. All these extra layers of security (and inconvenience) are due to FATF.
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Usama Sep 27, 2023 08:26pm
Raast is a failure. Many funds transfers from previous 6 - 7 months are being reversed as raast did not go through properly.
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E Sep 27, 2023 09:33pm
@Mohammad Anwar , these requirements are due to fatf and other hangovers of the situation that our country went through when a war was being waged in our neighboting country. Some forms are requiremnets of other countries that have been forced upon every account opening person and entity.
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Jehanzeb Khan Sep 28, 2023 02:05am
Sbp should also allow offline payment because india has been given a target of 1 or 10 million transactions per day on cbdc but recently it has only 18 thousand transactions per day so now to boost its adoption india has allowed offline payment along with qr code for payments to merchants
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Khanm Sep 28, 2023 08:48pm
Really ...we do business on cash only ...if we want to progress ..do away with black money ..promote transactions thru bank only ...no cash should be accepted more than 10000...
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Zahid Sep 29, 2023 05:10pm
Number of frauds/ scams are being reported on RAAST. One should be careful to adopt this facility.
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Zahid Sep 29, 2023 05:12pm
Number of financial scams are being reporter on RAAST. Be careful.
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