[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The State Bank of Pakistan (SBP) has introduced a novel online payment system aimed at enabling merchants to receive prompt payments from customers via their mobile devices. This system constitutes a vital element of the Raast instant payment platform and is scheduled for an official launch in the near future, with six entities already integrated into this innovative payment ecosystem.
Speaking at the 21st conference on ‘Future Banking Summit 2023,’ Qazi Shoaib Ahmad, Director of the Payment Systems Policy & Oversight Department at SBP, expressed his satisfaction with the deployment of the third use case, P2M, since September 3rd. He also revealed that six entities, namely Bank Alfalah, MCB Bank, Allied Bank, JS Bank, Easypaisa, and 1Link, have already become part of the P2M initiative.
Ahmad underscored the transformative potential of P2M within the industry, highlighting that the six entities participating in this initiative are already onboard and active in the P2M journey. SBP had previously introduced person-to-person (P2P) and bulk payment transfers on the Raast platform, with ongoing efforts to onboard more banks, some of which are in the pilot stages.
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Ahmad emphasized that QR payments would be a game changer and an essential utility for the unbanked population, with the SBP establishing standards for interoperable QR codes, integral to the P2P and P2M use cases within the Raast platform.
To highlight the successful adoption of Raast, Ahmad presented impressive statistics. To date, Raast has registered over 32 million account holders and has facilitated more than 225 million transactions, amounting to a substantial Rs. 4.6 trillion.
In addition to its digital payment initiatives, SBP is actively exploring the global landscape of digital currencies, potentially laying the foundation for a central bank digital currency (CBDC) in the future. Ahmad explained that SBP is working on two initiatives, one in-house and another with an international vendor, focusing on fraud prediction and understanding various dimensions of CBDC. The SBP is approaching CBDC development cautiously, seeking industry consultation.
Once developed, this model will be integrated into the Raast platform to enhance customer protection against potential fraud. Furthermore, Ahmad highlighted SBP’s interest in blockchain technology and its potential role in CBDC development. He also mentioned collaborations with international financial institutions like the World Bank and the International Monetary Fund to gain insights into various dimensions of CBDC.[/vc_column_text][/vc_column][/vc_row]
