In an important step in accelerating Pakistan’s cashless economy, the federal government has a RS. 3.5 Billion Subsidy Aims to promote merchant online on the RAAST platform and encourage digital payments through QR codes.

The State Bank of Pakistan (SBP) has announced that the encouragement will support the pepper transaction from a person between September 1, 2025 and June 30, 2026. Under this scheme, financial institutions will help the price of each transaction or a rate of 0.5 % of Rs 100.

The move comes under the Prime Minister’s Cashless Economy Program and is designed to promote the adoption of digital payments, making it easier and more attractive for traders to accept payment through Raast QR codes.

According to the SBP, the subsidy will be shared equally between the merchant financial institution and the customer’s financial institution, which will cover both the acquisition and issuance of banks. A in

Subsidic, regulated companies can take charge of the transaction price up to 0.25 % of the transaction of the dedication and service traders. Payments will be paid to regular institutions on a quarterly basis, and if the total subsidy amount is higher than the annual ceiling. $ 3.5 billion, the rate will be adjusted down to ensure the distribution of the allocated budget equally.

The SBP has instructed all regulated companies, including banks, microfinance banks, electronic mini -entities, payment system operators, payment service providers, merchant service providers, and customer service providers to comply with the process and maintain the verification and audit goals. Only successful transactions posted in the RAAST system will be eligible for subsidy.

Regulated companies need to submit a quarterly subsidy claim through their internal audit departments to print the payment in five working days of the quarter. Pakistan will then confirm these claims against its data, and any contradiction will be delivered to the relevant financial institution within five working days.

Institutions must reconcile with any differences and have to make final claims on the five more working days. If no response is received in the stipulated time, the amount of subsidy subsidy will be considered acceptable.

SBP inspection teams can confirm claims during a regular inspection on site. The subsidy claim for September 2025 will be paid with quarterly claims ending December 31, 2025. All subsidy will be issued after the finance division restrictions and the necessary funds.



Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *