The State Bank of Pakistan (SBP) has issued the Raast Participation Criteria, marking a significant milestone in the country’s journey toward financial inclusion and digital transformation. This framework is designed to facilitate the seamless integration of fintechs, payment aggregators, and other financial entities into Raast, Pakistan’s instant payment system, fostering greater accessibility, innovation, and competition in the digital payments space.
The Pakistan Fintech Association (PFA) has welcomed this initiative, extending its congratulations to the SBP for taking a progressive step toward a more inclusive and technologically advanced financial ecosystem. The issuance of participation criteria is expected to accelerate the adoption of real-time digital transactions, allowing businesses and individuals to conduct payments with greater security, efficiency, and convenience.
Raast, launched by the SBP in collaboration with Karandaaz Pakistan, is a state-of-the-art instant payment system designed to reduce reliance on cash-based transactions and enhance financial accessibility for all Pakistanis. By providing a structured participation framework, the central bank is ensuring that a broader range of stakeholders—particularly fintechs and payment service providers (PSPs)—can integrate with the system, fostering a more dynamic and competitive digital payment ecosystem.
The expansion of Raast’s accessibility is expected to drive cashless transactions, allowing fintech startups, financial institutions, and businesses to offer seamless payment solutions. This move aligns with Pakistan’s broader digital financial inclusion strategy, which aims to empower underserved populations and encourage digital payment adoption. With fintechs now having a clear pathway to participate, the country is likely to witness a surge in innovative financial solutions tailored to the needs of consumers and enterprises.
As part of its commitment to supporting the fintech industry, the Pakistan Fintech Association (PFA) has announced plans to host an online presentation and Q&A session for fintechs and industry stakeholders. This session will provide insights into how businesses can leverage Raast’s infrastructure to enhance their digital payment offerings, ensuring they remain competitive in the evolving financial landscape.
The SBP’s structured approach to digital payment regulation ensures that participants meet essential compliance standards, including security measures, risk management frameworks, and interoperability protocols. By maintaining strict oversight, the central bank is fostering trust in the Raast ecosystem, encouraging widespread adoption among businesses and individuals alike.
Pakistan’s fintech ecosystem has been growing rapidly, with increased investment and innovation in digital banking, mobile wallets, and payment gateways. The Raast Participation Criteria is expected to serve as a catalyst for further advancements, allowing more players to contribute to the country’s digital financial evolution.
With Raast now open to broader participation, Pakistan is set to experience an accelerated shift toward a cashless economy, reducing transaction costs, increasing financial inclusion, and driving economic growth. The fintech sector’s engagement with Raast will play a crucial role in shaping the future of payments and financial services, ensuring Pakistan remains at the forefront of digital transformation in the region.
