Easypaisa has enhanced its services by integrating the Raast P2M (Person to Merchant) payments system on its platform. The State Bank of Pakistan’s (SBP) Raast P2M payment mechanism aims to accelerate the digitization of merchant and business transactions across the country. This service simplifies digital payment acceptance for merchants and fosters business growth. SBP’s strategic move represents a significant step toward a digital and financially inclusive economy.
With the Raast P2M integration, all easypaisa users can now securely scan and pay through any Raast P2M QR codes on their smartphones nationwide. Key features of the Raast P2M ecosystem include open-loop static and dynamic QR payments, request to pay (RTP), alias-based payments, instant real-time merchant settlements, and till codes for customers without smartphones. Additionally, the SBP-supported dispute resolution mechanism ensures efficient resolution of payment-related disputes. Additionally, easypaisa can now deploy Raast QR Codes on acquired merchants, which can be scanned through any digital banking app or wallet operating on Raast.
This service allows merchants and small businesses to receive real-time payments from customers using static or dynamic Raast QR codes. Merchants can print and display a static QR code on their store’s countertop for instant payments. Furthermore, customers simply choose the Raast option on their mobile banking app or digital wallet, scan the code, insert the transaction amount, and complete the payment seamlessly.
Farhan Hassan, Head of Easypaisa Wallet Business, remarked, “Integrating Raast P2M with easypaisa amplifies our mission to lead Pakistan towards financial inclusion, enabling businesses and merchants to receive instant customer payments. Our robust technological framework supports the SBP, our customers, merchants, and businesses in moving towards a cashless society through seamless person-to-merchant payments. As we progress towards establishing a Digital Retail Bank, pending regulatory approvals, we remain committed to advancing Pakistan’s digital financial ecosystem with our innovative Person to Person (P2P) and Person to Merchant (P2M) service offerings.”
With over 34 million unique IDs, Pakistan’s first instant payment system, Raast, settles small-value retail payments in real-time, providing universal access to all players in the financial industry. Moreover, Easypaisa leads the digitization effort by leveraging these digital railroads and introducing new services for merchants and businesses to facilitate P2M transactions. Earlier this year, Easypaisa launched the QR SoundBox, which provides instant payment alerts and notifications, enabling real-time communication between merchants and customers, and accelerating the adoption of digital payment acceptance.
With over 40 million registered mobile accounts and counting, easypaisa remains dedicated to transforming Pakistan into a financially inclusive society through collaboration and technology.
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