SBP Rolls Out Raast Participation Criteria to Expand Digital Payments Network

TheState Bank of Pakistan (SBP)has introduced the Raast Participation Criteria, outlining the minimum requirements for entities interested in joining the country’s instant payment system. This initiative aims to enhance digital payment accessibility, promote innovation, and increase competition in the financial sector. Launched in 2021, Raast is a state-of-the-art instant payment system developed by SBP to facilitate secure and efficient fund transfers across Pakistan. Branded as “Instant Payments – Pal Bhar Mein, Mulk Bhar Mein,” the system offers various digital payment services, including: Since its launch, 44 entities, including SBP-regulated financial institutions and government bodies, have joined Raast as participants. The newly issued criteria aim to expand Raast’s reach, allowing more individuals and businesses to conduct secure, real-time transactions. The following entities are eligible to apply for Raast participation: Access to Raast will be provided under four participation categories: Entities interested in joiningRaast must follow a structured onboarding process: SBP retains the right to terminate participation if an entity fails to meet the required standards at any stage. Notably, the onboarding of unregulated entities does not imply regulatory oversight by SBP. The introduction of the Raast Participation Criteria marks a significant step toward financial inclusion anddigital payment adoption in Pakistan. By broadening access to Raast, SBP aims to drive innovation, enhance competition, and establish a robust digital payments ecosystem across the country.