Raast Instant Payment Consent (Pakistan)

A Raast Instant Payment Consent in Pakistan evidences that consent has been freely given, identifying exactly what has been agreed to and by whom.

Raast — meaning 'direct' in Urdu — was launched by the State Bank of Pakistan in January 2021 as Pakistan's first instant payment system, designed to move Pakistan's economy toward digital financial inclusion in line with the SBP's National Payment Systems Strategy 2019-2023 and the Financial Inclusion Strategy endorsed by the Finance Ministry. Raast operates on a 24/7/365 basis with real-time settlement, replacing the batch-processing delays of earlier inter-bank transfer systems such as PRISM (Pakistan Real Time Interbank Settlement Mechanism), NIFT (National Institutional Facilitation Technologies) cheque clearing, and inter-bank online fund transfers (OFTs) through the 1LINK network.

The Payment Systems and Electronic Fund Transfers Act 2007 (PSEFT Act 2007) is the primary legislation governing digital payment authorisations in Pakistan, establishing the legal framework for electronic fund transfers, the rights and obligations of payment service providers and users, and error resolution procedures. Section 6 of the PSEFT Act 2007 requires payment service providers to obtain written authorisation (consent) from account holders before initiating electronic fund transfers — this statutory requirement is the legal foundation for the Raast Instant Payment Consent document. SBP's Payment Systems Department enforces compliance with the PSEFT Act 2007 by all banks, microfinance banks (MFBs), electronic money institutions (EMIs), and payment service providers (PSPs) licensed under the PSO/PSP Regulations 2021.

Raast supports three payment flows as of 2024: Person-to-Person (P2P) transfers using a Raast ID (typically a mobile number or CNIC-based alias linked to a bank account); Person-to-Merchant (P2M) payments for retail transactions using QR codes compliant with the SBP's EMV-QR standard; and Person-to-Government (P2G) payments for government fee collection. Consent requirements differ across these flows: P2P transfers require single-transaction consent (typically OTP-based); recurring P2M mandates (such as subscription payments or EMI deductions) require a formal written mandate registered with the payer's bank; and P2G payments are authorised through government payment portals connected to the National Payment Gateway administered by the National Information Technology Board (NITB).

The Anti-Money Laundering Act 2010 and the SBP's AML/CFT Regulations impose Know Your Customer (KYC) requirements on all Raast-enabled accounts — payment consent documents must therefore confirm that the account holder's identity has been verified against their NADRA CNIC or NICOP and that the purpose and source of funds for significant or recurring transfers comply with SBP reporting thresholds. Transactions above PKR 500,000 through Raast may trigger Currency Transaction Report (CTR) obligations under the Financial Monitoring Unit (FMU) regulations.

A Raast Instant Payment Consent in Pakistan is required across multiple commercial, personal, and governmental payment scenarios where a formal authorisation record must accompany a payment instruction through the SBP's instant payment infrastructure.

A Raast Instant Payment Consent is needed when an employer enrolls an employee in a Raast-based payroll disbursement system — replacing conventional cheque or cash salary payments with instant bank transfers under the SBP's G2P (Government-to-Person) and B2P (Business-to-Person) payment initiatives. The consent form captures the employee's Raast ID (linked mobile number or CNIC alias), their bank account IBAN, and their authorisation for regular salary credits.

A Raast Instant Payment Consent is required when a government ministry, department, or social protection programme initiates benefit payments through Raast. The Benazir Income Support Programme (BISP), the National Socio-Economic Registry (NSER), and the Ehsaas Emergency Cash Programme have all used Raast infrastructure for direct benefit transfers (DBT) to beneficiary bank accounts and mobile wallets — each disbursement requires an enrolled beneficiary consent record linking their CNIC to their Raast-enabled account.

A Raast Instant Payment Consent is needed when a business sets up recurring payment mandates for utility bill collections, subscription service fees, insurance premium deductions, or instalment plan (EMI) collections from customers. The SBP's Payment Systems Department has issued guidelines for recurring debit mandates through Raast — each mandate requires a consent form executed by the customer authorising the business to initiate specified recurring debits from the customer's account through the Raast P2M payment rail.

A Raast Instant Payment Consent is required when a microfinance bank (MFB) — such as Khushhali Microfinance Bank, FINCA Microfinance Bank, or U Microfinance Bank — disburses microloans to borrowers through Raast. SBP's Microfinance Credit Information Bureau (MCIB) regulations require documented payment consent for all digital loan disbursements and repayment collection mandates.

A Raast Instant Payment Consent is needed when an e-commerce platform — registered under the Electronic Transactions Ordinance 2002 and compliant with SBP's E-Commerce Payment Gateway Regulations — processes customer payments through Raast P2M QR codes. The payment consent is embedded in the checkout flow but must be documented and retained for dispute resolution under the PSEFT Act 2007.

A valid Raast Instant Payment Consent in Pakistan under the Payment Systems and Electronic Fund Transfers Act 2007 and SBP's Raast Regulations must contain the following essential elements to satisfy regulatory requirements and protect both the payment initiator and the account holder.

Account Holder Identity: Full legal name of the account holder exactly as registered with their bank or financial institution, the 13-digit CNIC or NICOP number issued by NADRA, and the Raast ID — which may be a registered mobile number, a CNIC-based alias, or an IBAN (International Bank Account Number) in the Pakistani standard format (PK followed by 22 characters). Identity must match the bank's KYC records as required by the Anti-Money Laundering Act 2010 and SBP's Customer Due Diligence regulations.

Financial Institution Details: Name of the bank, microfinance bank (MFB), or electronic money institution (EMI) holding the account from which payments will be made, the account number or IBAN, and the branch SWIFT code or sort code. All financial institutions processing Raast transactions must be licensed by the State Bank of Pakistan — the account holder should confirm that both their institution and the beneficiary's institution are Raast-enabled participants listed on the SBP's Raast participant directory.

Beneficiary Details: Full name of the payment recipient, their Raast ID (mobile number alias or CNIC alias), their IBAN, and the name of their financial institution. For recurring payments, the beneficiary's STRN or NTN may be required for business recipients to comply with FBR withholding tax documentation requirements under the Income Tax Ordinance 2001.

Payment Details: Whether the consent covers a one-time payment or a recurring mandate; the payment amount (fixed amount or variable amount up to a specified maximum limit); the payment frequency for recurring mandates (weekly, monthly, or on specified dates); the first payment date; the last payment date or total number of payments; and any conditions precedent to payment initiation (such as a specific event or invoice submission).

Purpose of Payment: A clear statement of the purpose of the payment — salary, utility bill, loan repayment, subscription fee, government levy, or commercial payment. This is required for AML/CFT transaction monitoring under the Anti-Money Laundering Act 2010 and SBP's Financial Monitoring Unit (FMU) reporting obligations.

Revocation Rights: The account holder's right to revoke the consent at any time by written notice to their bank, in accordance with Section 9 of the Payment Systems and Electronic Fund Transfers Act 2007, which protects payment system users from unauthorised transfers. The notice period for revocation should be clearly stated — typically one business day for one-time payments and five business days for recurring mandates.

Dispute Resolution: The procedure for raising errors or disputes with the account holder's bank under the SBP's Consumer Protection Framework and the PSEFT Act 2007 error resolution provisions — including the bank's obligation to investigate and resolve disputes within specified timelines.

Forms-legal.com provides this Raast Instant Payment Consent (Pakistan) template as a practical tool for businesses and government bodies administering digital payment mandates. Financial institutions and payment service providers should consult SBP's official Raast Technical and Operational Guidelines for current system specifications, API integration requirements, and regulatory compliance obligations.

Additional compliance elements for a Raast Instant Payment Consent (Pakistan) used in Pakistan include: Under the State Bank of Pakistan (SBP) Act 1956, the SBP regulates banking. The Securities and Exchange Commission of Pakistan (SECP) regulates capital markets under the Securities Act 2015. Section 4 of the Negotiable Instruments Act 1881 governs promissory notes. The Federal Board of Revenue (FBR) administers tax obligations under the Income Tax Ordinance 2001. The Sales Tax Act 1990 governs indirect taxation. Forms-legal.com provides this template as a starting point for Pakistan-compliant documentation.