A) Raast P2M refers to Pakistan's Real-time Interbank Settlement Mechanism for Person-to-Merchant transactions. Raast is a digital payment system introduced by the State Bank of Pakistan (SBP) to facilitate instant, round-the-clock electronic fund transfers between banks and financial institutions in Pakistan.
"P2M" stands for Person-to-Merchant, indicating transactions from individuals (peers) to merchants or businesses. Raast P2M allows Consumers to make payments directly to merchants through a real-time and interoperable payment system, enabling faster and more efficient digital transactions.
A) Request-to-Pay (RTP), allowing merchants to send payment requests to customers, who can pay instantly or schedule payments for later using their mobile banking apps. Payments are processed securely via IBAN-based channels, reducing transaction costs compared to traditional methods. Raast P2M promotes financial inclusion and convenience while fostering a cashless economy in Pakistan
A) Any customer with a Bank Alfalah account and an active mobile banking app can use the Raast P2M service. Merchants registered with Raast can send payment requests to their customers.
A) Merchants who are onboarded on Raast P2M can initiate a Request to Pay transaction. Just ask Merchant to follow the following Steps:
A) All Raast-enabled banking apps can accept Raast P2M Request to Pay transactions. Just ask the customer to follow the following steps if the customer is an ALFA user,
A) Receiving business payments through Raast RTP involves a straightforward and easy process. Upon Payment Acceptance from the Customer, the Merchant will receive Instant Settlement.
Individuals or small businesses:
Sole Proprietors, Partnership, Limited Company, NGOs/Clubs, Government/Semi-Government Organizations, and Corporate Setup:
A) Absolutely not! Customers are not charged any additional amount for accepting payments through Raast P2M.
A) Currently, the MDR is 0% on the Raast scheme; merchants will not be charged any fees if they accept payments through Raast QR.
A) Contact Bank Alfalah help-line 021-111-225-111 or email us at alfabusiness@bankalfalah.com
A) Merchants can receive a settled amount in the BAFL Settlement account or IBFT IBAN settlement account.
A) The merchant can see on the Request to Pay History and the Merchant Portal.
A) Currently, the volume limit per transaction is 300,000 for ALFA customers.
A) The limit on the volume of transactions for Alfa customers may vary depending on the package selected by the customer within the Alfa app.
A) The notification will display:
A) If you do not approve the payment within the provided expiry time or date, the request will automatically expire, and no payment will be processed.
Yes, you can choose to reject a Raast Request to Pay. No action will be taken on the rejected request
Raast P2M QR, launched by the State Bank of Pakistan, is the country’s first instant person-to-merchant payment system. Integrated with the Alfa Business App, it enables individuals and businesses to accept seamless digital payments instantly and securely.
What you get
With Raast P2M QR, merchants and customers benefit from fast, transparent, and reliable payments—supporting the shift towards a cashless economy. Terms and conditions apply.
Available across all Raast-enabled banking applications.
Payments settled directly into the merchant’s International Bank Account Number (IBAN).
Customers can pay instantly by scanning static or dynamic QR codes.
Only account-to-account transactions, ensuring safe payments.
T+1 settlement cycle for all Raast P2M transactions.
Lower merchant discount rate (MDR) for affordable acceptance.
Customers log in to their Raast-enabled app, scan, pay, and receive instant receipts.
Register through the Alfa Business App or via assisted onboarding for larger organisations.