PayFast, Pakistan’s leading and commercially licensed payment service provider (PSP), has reached a new milestone by becoming the first payment gateway to go live with Raast Person-to-Merchant (P2M) services. Through Raast, PayFast’s partner businesses can now accept payments from customers via faster and more cost-effective payment methods, offering substantial benefits for both businesses and their customers.
Launched by the State Bank of Pakistan in 2021, Raast is an indigenous, instant payment system that enables quick, round-the-clock money transfers between any bank account and financial institutions. Initially, Raast supported Bulk and Peer-to-Peer (P2P) payments, with P2P transactions reaching 33.2 million worth PKR 789.9 billion in the first half of 2023 and skyrocketing to 187.8 million transactions valued at PKR 3.96 trillion in the first half of 2024.
The next phase, P2M, allows consumers to pay merchants directly using their Raast ID (IBAN). Large-scale businesses, SMEs, and freelancers can now accept digital payments directly from customers’ bank accounts. Simultaneously, this fosters a cashless economy, enhances transparency, and reduces cash-related risks.
Raast offers numerous benefits for businesses. Instant settlements eliminate traditional clearing cycle delays, improving cash flow and streamlining operations. Additionally, lower transaction fees boost profitability, and the faster, more convenient checkout experience increases customer satisfaction and sales conversions.
With Raast P2M, PayFast provides:
– E-Commerce: Integration of Raast as a payment method alongside existing options like credit and debit cards, digital wallets, and bank accounts on PayFast Checkout.
– In-Store QR Payments: Generation of Dynamic and Static QR codes through the PayFast portal, business app, or APIs for quick in-store payments and easy sharing via WhatsApp and email.
Flexible Payment Requests:
– RTP (Now): Initiates a Request-to-Pay that completes instantly upon validation, ideal for immediate purchases.
– RTP (Later): Creates payment links through PayFast with Raast as the option. Furthermore, customers receive a Request-to-Pay notification through their bank app, allowing them to pay any time before the due date.
Adnan Ali, CEO of PayFast, stated, “Achieving this milestone with Raast P2M reflects our commitment to innovation. We developed an in-house tech stack on the emerging ISO-20022 standard to seamlessly integrate with Raast, empowering our partner businesses with new features and services essential for their growth. We thank the State Bank’s Digital Financial Services Group for their continuous support.”
Moreover, Mr. Arshad Raza, Chairman of Premier Systems, added, “This partnership strengthens PayFast’s position as a leader in efficient payment solutions, benefiting both customers and businesses. Raast P2M will unlock new opportunities and access to untapped markets, revolutionizing Pakistan’s digital payments landscape.”
PayFast, a leading Pakistani fintech, enables businesses of all sizes to seamlessly accept online payments. Trusted by over half of the E-commerce industry, PayFast serves a diverse portfolio of over 3,500 businesses, including renowned brands such as Gul Ahmed, Sana Safinaz, Bookme, Elo, and Junaid Jamshed.
To learn more, please visit:
PayFast: [www.gopayfast.com](http://www.gopayfast.com)
Raast: [https://www.sbp.org.pk/dfs/Raast.html](https://www.sbp.org.pk/dfs/Raast.html)
