SBP and K-Electric Join Forces To Enable Bill Payments Via RAAST

In a significant move towards digital financial inclusion, the State Bank of Pakistan (SBP) and K-Electric (KE) have collaborated to bring Raast’s Payment Initiation Service Provider (PISP) model to KE consumers. The newly signed agreement initiates a Proof of Concept (PoC). It will help integrate KE’s billing system into Raast, Pakistan’s instant payment platform, to enable seamless, real-time digital bill payments. This strategic alignment will facilitate KE customers by offering easier bill payments via Raast.

SBP and K-Electric Launch PISP Pilot for Real-Time Bill Payments Via RAAST

It is a noteworthy initiative that marks a major advancement in simplifying and accelerating the digitalization of utility payments in Pakistan. For all those unaware Raast was launched by the SBP. It is a high-speed, secure, and government-supported payment system designed to promote a cashless economy by streamlining instant payments for individuals and businesses. The RAAST PISP model enables consumers to make payments directly from their bank accounts without third-party payment processors. KE consumers will now be able to make quicker, low-cost, and highly secure transactions.

SBP Deputy Governor Saleem Ullah underscored the importance of such public-private collaborations. He stated that these kinds of initiatives play a key role in extending the benefits of digital finance to a broader audience. Moreover, he also highlighted that partnerships like these are critical to achieving the long-term vision of a cashless and inclusive financial system. By bridging the gap between KE’s consumer base and the banking sector through Raast, this initiative aims to improve the lives of millions of Pakistanis by making digital payments a more viable and straightforward option.

If the PoC advances, this model will no doubt open doors for other utilities and service providers to join Raast. Moreover, it will set a precedent for digital payments across Pakistan. This collaboration vows to be a major step forward in building a sustainable, inclusive digital financial ecosystem in Pakistan. Its successful implementation will make Pakistan a leader in digital payments among emerging markets. Moreover, it will also support economic growth and foster greater financial inclusion.

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