By incorporating the Raast P2M (Person to Merchant) payments system onto its platform, easypaisa has improved the quality of its services.
The State Bank of Pakistan’s (SBP) Raast P2M payment mechanism is designed to accelerate the digitization of merchant and business transactions nationwide. The service aims to facilitate and simplify digital payment acceptance for merchants and promote business growth. The strategic move by the SBP reflects a significant leap towards establishing a digital and financially inclusive economy.
All easypaisa customers countrywide can now easily and securely scan and pay using any Raast P2M QR codes on their smartphones thanks to the integration of Raast P2M. Open-loop static and dynamic QR payments, request to pay (RTP), alias-based payments, rapid and real-time merchant settlement, and till codes for clients without smartphones are among the main characteristics of the Raast P2M ecosystem. Additionally, the SBP-backed dispute resolution process guarantees a strong foundation for effectively addressing disagreements pertaining to payments. Easypaisa can also use the interface to roll out Raast QR Codes to newly acquired retailers. These codes can be scanned using any Raast-compatible digital banking app or wallet.
With the help of static or dynamic Raast QR codes, small companies and merchants may accept payments from clients in real time. Customers can make quick payments by printing and displaying a static QR code on the countertop of a business owned by merchants or entrepreneurs. Consumers can pay by selecting the Raast option in their digital wallet or mobile banking app, scanning the code, entering the transaction amount, and completing the payment without any problems.
“Integrating Raast P2M with easypaisa amplifies our mission to spearhead a financially inclusive Pakistan by enabling businesses and merchants to receive instant customer payments,” said Farhan Hassan, Head of easypaisa Wallet Business. Our strong technological foundation facilitates easy person-to-merchant payments, helping the SBP, our clients, retailers, and companies move closer to a paperless society. Pending regulatory permissions, we are moving closer to creating a Digital Retail Bank, but in the meantime, we’re committed to advancing Pakistan’s digital financial ecosystem with our cutting-edge Person to Person (P2P) and Person to Merchant (P2M) service offerings.
Raast, Pakistan’s first instant payment system, has over 34 million unique IDs and is utilized to settle small-value retail payments in real time, giving all financial industry participants universal access. Easypaisa is leading the way in digitizing the ecosystem with its utilization of digital railroads and introduction of novel and inventive service solutions to enable P2M transactions for enterprises and merchants. In support of this initiative, easypaisa introduced the QR SoundBox earlier this year. This tool offers immediate payment alerts and notifications, facilitating real-time communication between retailers and consumers and significantly boosting acceptance of digital payments.
Easypaisa is committed to utilizing technology and teamwork to create a financially inclusive society in Pakistan, and as of right now, it has over 40 million registered mobile accounts.
