KARACHI: Accelerating the digitisation of payments, the State Bank of Pakistan (SBP) and K-Electric (KE) have made a significant advancement by signing agreements to initiate a Proof of Concept under Raast’s Payment Initiation Service Provider (PISP) model.

This collaboration will assess the feasibility of incorporating K-Electric’s consumer and bill payment services into Raast, Pakistan’s first instant payment system. The successful integration will pave the way for other similar payment services to join the platform in Pakistan.

This strategic alignment aims to enable KE customers by offering easier bill payments via Raast allowing seamless, secure, and real-time digital transactions through any bank account in Pakistan.

Speaking on the occasion, Saleem Ullah, Deputy Governor, SBP highlighted the importance of integrating public and private entities via Raast, emphasising that simplifying the lives of millions requires a collective approach.

Copyright Business Recorder, 2024