KARACHI: The National Bank of Pakistan (NBP) has received regulatory approval to commercially launch Raast Person-to-Merchant (P2M) acquiring services.
The approval allows the bank to facilitate merchant payments through Raast, Pakistan’s instant payment system developed by the State Bank of Pakistan (SBP).In a statement on Monday, NBP said the authorisation followed coordination with the SBP’s Digital Innovations and Settlement Department and Raast Payments Pakistan.
The bank plans to roll out the service to merchants, customers, institutions and government entities as part of its digital banking operations.Raast, launched by the central bank to promote instant digital payments and reduce cash-based transactions, enables individuals and businesses to transfer funds in real time using mobile applications and banking channels.
