# Raast P2M QR

> Source: https://docs.barcoder.ai/docs/standards/raast-p2m-qr
> research date 2026-05-29 · extracted at 2026-10-06
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Raast P2M — State Bank of Pakistan](https://www.sbp.org.pk/dfs/Raast-P2M.html)
- [Raast P2M launch circular — SBP](https://www.sbp.org.pk/psd/2023/C4.htm)
- [Raast Overview — SBP](https://www.sbp.org.pk/dfs/Raast-Overview.html)

## Overview

**Raast P2M (Person-to-Merchant) QR** is **Pakistan's national instant-payment merchant-acceptance standard**, launched **6 December 2023** by the **State Bank of Pakistan (SBP)** <sup>[2][2], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>. Raast P2M sits on top of the **Raast instant-payment rail** (operational since 2021 for P2P and bulk) and adds the QR-merchant-acceptance layer using an **SBP-issued indigenous QR standard** released March 2022 for both **P2P** and **P2M** flows <sup>[1][1], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>. Raast P2M makes Pakistan's payment-system architecture functionally complete: P2P + Bulk + P2M all on the same SBP-operated rail.

Raast's macro statistics are striking: **1.9 billion transactions** and **PKR 44 trillion** (~US $158B) processed since launch, with **the first trillion taking 360 days and the most recent trillion taking just 9 days** — a 40× velocity increase <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>. To accelerate P2M adoption, SBP **mandated all merchants accept digital payments by 31 October 2025** and committed a **PKR 3.5 billion (~US $12.6M) subsidy for merchant QR adoption in 2025-26** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>. As of May 2024, **25 banks** were live with Raast P2M. **Raast Payments Pakistan (Pvt) Ltd**, a wholly-owned SBP subsidiary, was incorporated in FY 2024-25 to operate the platform with separated operational governance.

## History

**Background — Pakistan's payment landscape pre-Raast** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- **1LINK** — interbank ATM switch since 1999; operates **PayPak** national card scheme.
- **PRISM+** — SBP's RTGS for large-value settlement.
- **JazzCash, Easypaisa, NayaPay** — major mobile-wallet operators, technically closed loops with limited inter-wallet interoperability.
- Pre-Raast: cross-bank instant payments were slow and expensive; QR landscape was fragmented across closed-loop wallets.

**2018-2020 — SBP plans national instant-payment rail** <sup>[3][3]</sup>:
- World Bank technical assistance.
- **Modelled in part on India's [UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** — same central-bank-coordinated, open-loop, ISO-20022-aligned design pattern.

**11 January 2021 — Raast P2P launches** <sup>[3][3], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- Phase 1: Person-to-Person + Bulk (government/business batch payments).
- SBP launches Raast as Pakistan's first instant-payment rail.
- Initial bank participation grew rapidly.

**March 2022 — SBP issues indigenous QR standard** <sup>[2][2]</sup>:
- SBP publishes **Pakistan's indigenous Standard for QR-Code-Based Payments** for both P2P and P2M flows.
- This is the technical foundation for all subsequent Raast QR acceptance.

**6 December 2023 — Raast P2M launches** <sup>[2][2], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- SBP launches the **interoperable Raast P2M service** for digital payment acceptance at merchants and businesses.
- Channels: **QR Code, Raast Alias, IBAN, RTP (Request-to-Pay)**.
- Static and Dynamic QR support.

**1 March 2024 — Mandatory bank enablement deadline** <sup>[2][2]</sup>:
- SBP directs all Regulated Entities to enable Raast P2M capabilities across **mobile apps, internet banking portals, and USSD channels** by 1 March 2024.
- Aggressive timeline ensuring broad bank coverage within 3 months.

**31 May 2024 — 25 banks live with Raast P2M (IBAN-based QR)** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- All major Pakistani banks live on the rail.

**Raast Payments Pakistan (Pvt) Ltd founded (FY 2024-25)** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- SBP incorporates a **wholly-owned subsidiary** to operate the Raast platform.
- Separation of "central-bank-as-regulator" from "central-bank-as-operator" — common best-practice governance for national payment rails.

**2025-26 — PKR 3.5B subsidy + 31 October 2025 mandate** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- SBP commits **PKR 3.5 billion (~US $12.6M)** in subsidies for merchant QR adoption.
- **31 October 2025 deadline**: all merchants required to accept digital payments.
- Combined push designed to drive Raast P2M from 25-bank rollout to mass-merchant adoption.

**Cumulative statistics (since 2021 launch)** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- **1.9 billion transactions**.
- **PKR 44 trillion** processed (~US $158B).
- **First trillion: 360 days**; **most recent trillion: 9 days** = **40× velocity acceleration**.

## Technical specification

Raast is a **textbook modern instant-payment-rail architecture** <sup>[1][1], [2][2], [3][3]</sup>:

| Layer | Description |
|---|---|
| **Operator** | **Raast Payments Pakistan (Pvt) Ltd** (SBP subsidiary, since FY 2024-25) |
| **Regulator** | **State Bank of Pakistan (SBP)** |
| **Underlying rail** | **Raast** instant-payment system (since Jan 2021) |
| **Messaging** | **ISO 20022** |
| **Settlement** | Instant, 24/7/365 |
| **Currency** | PKR (Pakistani rupee) |
| **QR standard** | **SBP indigenous Standard for QR-Code-Based Payments** (March 2022) |
| **Account model** | Account-based; IBAN proxies |

**Payment modes (Raast P2M)** <sup>[1][1], [2][2]</sup>:

| Mode | Description |
|---|---|
| **Static QR** | Fixed merchant QR; customer enters amount |
| **Dynamic QR** | Per-transaction QR with embedded amount |
| **Raast Alias** | Mobile-number / username proxy for IBAN |
| **IBAN** | Direct IBAN payment |
| **Request-to-Pay (RTP) Now** | Merchant pushes payment request; customer confirms immediately |
| **Request-to-Pay (RTP) Later** | Scheduled / deferred payment-request workflow |

**Channels for bank enablement (mandated by 1 March 2024)** <sup>[2][2]</sup>:
- Mobile banking apps
- Internet banking portals
- **USSD channels** (feature-phone compatibility — a critical inclusion in Pakistan where smartphone penetration is incomplete)

**Indigenous QR standard (March 2022)** <sup>[2][2]</sup>:
- SBP issued the QR specification rather than adopting EMVCo MPM/CPM directly.
- Distinguishes Raast from [KE-QR Code](https://docs.barcoder.ai/docs/standards/ke-qr-code), [NQR](https://docs.barcoder.ai/docs/standards/nqr), [DuitNow QR](https://docs.barcoder.ai/docs/standards/duitnow-qr) (all EMVCo-mandated).
- The "indigenous" framing suggests Pakistan-specific extensions to standard EMVCo or a wholly proprietary base — public sources do not specify which.

## Use cases

**P2P transfers (Raast Phase 1, since 2021)** <sup>[3][3]</sup>: Person-to-person; mobile number as alias.

**Government / business bulk payments** <sup>[3][3]</sup>: Salaries, pensions, government disbursements — Raast Bulk in Phase 1.

**P2M (merchant acceptance, since December 2023)** <sup>[2][2], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- Customer scans merchant QR → instant settlement.
- Targeted use cases: retail stores, restaurants, government fee payment, utility bills.

**Request-to-Pay** <sup>[2][2]</sup>: Sender requests funds (Now or Later) — supports invoicing and recurring-payment scenarios.

**USSD-channel access** <sup>[2][2]</sup>: Crucial for feature-phone users in Pakistan's mass-market — Raast P2M is required to be USSD-accessible, addressing the same structural gap that [NQR](https://docs.barcoder.ai/docs/standards/nqr) in Nigeria has struggled with.

## Implementations & ecosystem

**Operator**: **Raast Payments Pakistan (Pvt) Ltd** (SBP wholly-owned subsidiary, since FY 2024-25).

**Regulator**: **SBP (State Bank of Pakistan)**.

**Participating banks (25+ as of May 2024)** <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- **Habib Bank Limited (HBL)** — largest.
- **National Bank of Pakistan (NBP)** — state-owned.
- **United Bank Limited (UBL)**.
- **MCB Bank**.
- **Allied Bank Limited**.
- Plus 20+ additional licensed banks.

**Mobile wallets**: JazzCash, Easypaisa, NayaPay — mobile-wallet integration is part of the broader Raast ecosystem.

**Card network coordination**: **1LINK** (operator of PayPak) and the broader Pakistani interbank network coordinate with Raast for full system interoperability.

**No public open-source SDK** has been identified; merchant integration via participating banks and Raast Payments Pakistan.

## Fun facts

- **Velocity acceleration: 360 days → 9 days for the same PKR trillion**: Raast's pace of processing the same volume increased **40×** between its first and most recent trillion-PKR milestones — one of the steepest adoption curves of any national instant-payment rail in history.
- **Indigenous QR standard, not EMVCo**: SBP's choice to issue a **Pakistan-specific QR standard** in March 2022 — rather than adopt EMVCo MPM/CPM directly — is structurally noteworthy. Possible reasons: USSD-feature-phone compatibility requirements, alignment with PRISM+ messaging, or political-economy considerations about reliance on Western payment standards.
- **PKR 3.5 billion merchant subsidy (2025-26)**: SBP is **directly subsidising merchant QR adoption** — a financial push behind the regulatory deadline. Compare with [TWQR](https://docs.barcoder.ai/docs/standards/twqr)'s 100% transit-fare-rebate subsidy.
- **Mandatory all-merchants-by-31-October-2025**: One of the most aggressive central-bank-mandated digital-payment timelines globally. Comparable to India's UPI mandates and Saudi Arabia's [Mada](https://docs.barcoder.ai/docs/standards/mada) rollout.
- **USSD channel mandate**: SBP requires Raast P2M to be accessible via **USSD on feature phones** — addressing the structural gap that has caused [NQR](https://docs.barcoder.ai/docs/standards/nqr) Nigeria to underperform. Pakistan learns from regional negative case studies.
- **Raast Payments Pakistan (Pvt) Ltd**: SBP's creation of a wholly-owned subsidiary in FY 2024-25 mirrors the **NPCI India model** — separating central-bank-as-regulator from central-bank-as-operator for governance clarity.
- **Built on World Bank technical assistance**: Raast was designed with World Bank input — making it (alongside [MIA QR](https://docs.barcoder.ai/docs/standards/mia-qr)'s USAID-funded origin and Cambodia's [KHQR](https://docs.barcoder.ai/docs/standards/khqr) World Bank backing) one of the more prominent donor-supported payment-infrastructure projects.
- **UPI as the inspiration model**: Raast's open-loop architecture and indigenous-standard framing closely parallel [UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr) India — explicitly modelled on the most successful peer rail in South Asia.

## Comparison

| Feature | Raast P2M (PK) | [UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr) (IN) | [DuitNow QR](https://docs.barcoder.ai/docs/standards/duitnow-qr) (MY) | [PromptPay QR](https://docs.barcoder.ai/docs/standards/promptpay-qr) (TH) | [NQR](https://docs.barcoder.ai/docs/standards/nqr) (NG) |
|---|---|---|---|---|---|
| Launch (national rail) | 2021 (P2P), Dec 2023 (P2M) | 2016 | 2017 (rail), 2019 (QR) | 2017 | Mar 2021 |
| Operator | Raast Payments Pakistan (SBP subsidiary) | NPCI (RBI-coordinated) | PayNet | NITMX/ITMX | NIBSS |
| QR standard | **SBP indigenous (Mar 2022)** | NPCI proprietary | EMVCo MPM/CPM | EMVCo MPM | EMVCo MPM/CPM |
| Channels mandated | Apps + portals + **USSD** | Apps + USSD (*99#) | Apps + portals | Apps + portals | Apps + USSD |
| Merchant mandate deadline | **31 Oct 2025** | None (UPI is voluntary, but ubiquitous) | None (regulator-encouraged) | None | None |
| Subsidy | **PKR 3.5B for merchant QR (2025-26)** | None | None | Limited | None |

**Closest peer**: [UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr) India — explicitly modelled on. Both are central-bank-coordinated open-loop rails with indigenous QR standards.

**Structural distinction**: Pakistan's **regulatory-mandate + subsidy** combo is more aggressive than India's voluntary-but-ubiquitous UPI rollout — partly because Pakistan must catch up to a regional benchmark while India set it organically.

## Status

**Active, accelerating adoption** <sup>[2][2], [Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup>:
- **Raast P2P live since Jan 2021**; **P2M since Dec 2023**.
- **25 banks live** with Raast P2M (May 2024).
- **1.9 billion transactions / PKR 44 trillion** cumulative.
- **40× velocity acceleration** (360 days → 9 days per PKR trillion).
- **PKR 3.5B subsidy** + **31 October 2025 mandate** for merchant adoption.
- **Raast Payments Pakistan (Pvt) Ltd** incorporated as operator.
- **ISO 20022 messaging**; SBP indigenous QR standard.

**Outlook**: Approaching the 31 October 2025 merchant mandate — likely producing a step-change in merchant QR coverage. Possible cross-border integration with regional peers (UAE Aani, regional MENA-South Asia corridors).

## Sources

[1]: https://www.sbp.org.pk/dfs/Raast-P2M.html "Raast P2M — SBP"
[2]: https://www.sbp.org.pk/psd/2023/C4.htm "Raast P2M launch circular — SBP"
[3]: https://www.sbp.org.pk/dfs/Raast-Overview.html "Raast Overview — SBP"

- [1] [Raast P2M — State Bank of Pakistan][1]
- [2] [Raast P2M launch circular — SBP][2]
- [3] [Raast Overview — SBP][3]
- <sup>[Pakistan report](https://docs.barcoder.ai/docs/payments/PK)</sup> `reports/countries/PK-pakistan.md`

## Deployments

Found in the following country reports (grep across `reports/countries/`):

- **PK** — [PK-pakistan.md](https://docs.barcoder.ai/docs/payments/PK)