PayFast Introduces Raast P2M Services, Revolutionizing Digital Payments

PayFast, the leading payment service provider in Pakistan, has made history by becoming the first to introduce Raast Person-to-Merchant (P2M) services. Raast, a swift payment system initiated by the State Bank of Pakistan in 2021, enables instant money transfers between bank accounts. Initially focusing on Bulk and Peer-to-Peer (P2P) payments, Raast has seen a remarkable surge in transactions from 33.2 million to 187.8 million within a year.

The latest addition of P2M services by PayFast allows consumers to directly pay merchants using their unique Raast ID, promoting a cashless economy and enhancing transparency in financial transactions. Businesses stand to gain from immediate settlements, reduced transaction costs, and a more streamlined checkout process, ultimately leading to higher sales conversions. Integration with Raast empowers PayFast to facilitate e-commerce transactions and in-store QR payments, presenting new growth opportunities for businesses.

Adnan Ali, the CEO of PayFast, underlined the company's dedication to innovation through its integration with Raast using the ISO-20022 standard. This collaboration has solidified PayFast's position as a frontrunner in efficient payment solutions, delivering advantages to both customers and businesses. Arshad Raza, the Chairman of Premier Systems, emphasized the transformative impact of Raast P2M on Pakistan's digital payments landscape, paving the way for new markets and prospects for businesses.

As a prominent fintech company in Pakistan, PayFast offers seamless online payment acceptance for businesses of all sizes. Serving a diverse portfolio of over 3,500 businesses, including renowned brands like Gul Ahmed and Sana Safinaz, PayFast remains a trusted ally in the ever-evolving digital payments sector.

The introduction of Raast P2M services by PayFast marks a significant milestone in the realm of digital payments in Pakistan. With enhanced convenience, transparency, and efficiency, this collaboration between PayFast and Raast is set to reshape the way financial transactions are conducted, benefiting both consumers and businesses alike.