Business Desk 
Oct 30, 2024
The State Bank of Pakistan (SBP) and K-Electric (KE) on Wednesday signed an agreement to pioneer a new approach for online transactions and to facilitate seamless bill payments by launching a Proof of Concept under Raast’s Payment Initiation Service Provider (PISP) model.
This partnership aims to assess the viability of integrating K-Electric’s consumer and bill payment services into Raast, Pakistan's first instant payment system, to improve transaction efficiency, elevates security, and streamline user experiences. Setting up a new benchmark for other online payment services to join the platform and contribute to the betterment of Pakistan.
It will allow KE customers to adopt easier bill payment methods via Raast, allowing them to perform real-time digital transactions via any bank account in Pakistan.
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SBP Deputy Governor Saleem Ullah highlighted the significance of incorporating public and private entities through Raast and fostered to adopt simplified digital transaction methods to streamline your experience.
He further discussed that digitisation of government payments and receipts is gaining tremendous attention, unlocking fortified, and efficient payment procedures contributing towards customers, and businesses ease, and economic growth.
Moreover, he urged the entire banking landscape to leverage the Fintech rivalries to offer enhanced electronic payments to different sectors.
While emphasising the increased demand for digital payment solutions, Saleem highlighted that billers such as KE are now directly approaching the bank to access Raast and getting benefited by embracing technology-driven financial transactions.
K-Electric CEO Moonis Alvi, expressed his zealousness regarding the strategic collaboration, calling it a significant milestone in KE’s race to digital transformation and stated: “Our partnership with SBP aligns with KE’s vision of revolutionising its customer experience and engagement by being accessible across digital platforms.”
