Raast P2M refers to the 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 the real-time and interoperable payment system, enabling faster and more efficient digital transactions.

Raast QR is Pakistan’s first instant payment system by State Bank of Pakistan that enables person-to-merchant digital payment scheme among individuals and businesses instantaneously. Alfa’s Raast QR is all in one QR for Raast, VISA and Mastercard scheme. 

Customer can use their mobile devices to scan a merchant’s Raast QR code to initiate a payment transaction from any Raast enabled banking app.

All Raast enabled banking apps can conduct Raast P2M QR transactions. Just ask customer to follow the following steps if customer is ALFA user,

• Login to your Alfa app. Open QR scanner
• Scan RAAST QR
• Enter amount in case of Static and amount auto fetched in case of Dynamic QR proceed
• Get transaction payment receipt

Receiving business payments through Raast QR involves a straightforward and easy process.

• Generate real-time dynamic QR or share your static QR with customer
• Customer will scan and pay
• Receive payment confirmation message

Individuals or small businesses: 

• Download Alfa Business app from Google Play Store
• Click on “Register now”
• Provide personal and business details
• Upload Documents
• And click on “let’s get started”
• Start accepting payments

Sole Proprietors, Partnership, Limited Company, NGOs/Clubs, Government/Semi Government Organizations and Corporate Setup:

• Email on alfa.business@bankalfalah.com
• Bank Alfalah’s team will contact merchants for assisted onboarding

Merchant can pay via IBAN transfer in RAAST option.

Absolutely not! Customers are not charged any additional amount for paying via scanning Raast QR.

Currently, The MDR is 0% on Raast scheme, merchants will not be charged any fees if they accept payments through Raast QR.

Merchants can receive settled amount in BAFL Settlement account or IBFT IBAN settlement account. 

Merchant can see and manage your business transactions on Alfa Business app and Merchant portal.

Currently the volume limit per transaction is 300,000 for ALFA customers.

The limit on the volume of transactions for Alfa customers may vary depending on the package selected by the customer within Alfa app, whereas, ALFA customers has limit of 5 transactions count per day on QR transactions.

DMO Merchant’s wallet limit stays up-to 50,000 for 3 months, whereas if he\she performs biometric verification within the period at any Bank Alfalah’s branch, his\her limit will be increased to 500,000, otherwise wallet/account will be suspended.