The State Bank of Pakistan (SBP) is set to expand its RAAST payment system to include the provincial chapters of Accountant Generals in Punjab, Balochistan, and Gilgit-Baltistan. This development, detailed in the SBP’s “Annual Payment Review,” marks a significant step in the central bank’s efforts to enhance digital payment infrastructure across the country.
The onboarding process for the Accountant General offices in Gilgit-Baltistan, Punjab, and Balochistan has been completed, with payment processing expected to commence soon. This expansion follows the successful deployment of RAAST at the federal level with the Accountant General Pakistan Revenues (AGPR), which has been using the system for payroll, vendor payments, General Provident funds, and advances-related transactions.
During the initial stages of RAAST Bulk Payments, AGPR processed 850,000 transactions totaling Rs. 100 billion, making it the largest bulk payment processor and accounting for over 90 percent of AGPR payments in FY24. Additionally, the Central Directorate of National Savings (CDNS) has been onboarded to process coupon payments and encashment services, handling 72,000 transactions worth Rs. 26 billion, representing about 10 percent of total payments.
The SBP is also considering using RAAST for disbursements under the Benazir Income Support Program and is planning to onboard the Federal Board of Revenue (FBR) for duty drawback payments and the Controller Naval Accounts for salary and pension disbursements.
In FY24, RAAST processed a total of 496.1 million transactions amounting to Rs. 11,558.3 billion, a significant increase from 147.2 million transactions valued at Rs. 3,074.4 billion in FY23. RAAST, an instant payment system based on ISO-20022, is designed to boost the adoption of digital payments in Pakistan. Its person-to-person (P2P) service offers free fund transfers between individuals via mobile banking apps or internet banking portals using IBAN or RAAST ID.
To further facilitate digital payment acceptance, the SBP has launched an interoperable RAAST P2M (person-to-merchant) service. This service enables businesses to accept payments using Quick Response (QR) Codes, RAAST Alias, IBAN, and Request to Pay (RTP), accelerating the digitization of merchant and business transactions in Pakistan.
