KARACHI: The State Bank of Pakistan (SBP) has introduced a consolidated framework for customer onboarding, urging banks and regulated entities (REs) to provide digital payment solutions for merchants involved in in-store and online business activities.
As per reports, the new framework aims to simplify and standardise the account opening process by rationalizing documentary requirements and enabling digital interfaces for smoother onboarding. The SBP has also directed REs to ensure that new accounts for the general public are opened within two days.
As part of ongoing efforts to improve financial inclusion and customer convenience, customers will now be able to track the status of their account applications. This follows the SBP’s earlier initiatives such as branchless banking, Asaan accounts, and digital onboarding for various sectors like freelancers and home remittance recipients.
In addition to simplifying the account opening process, the SBP has instructed REs to equip all merchants, both new and existing, with digital payment acceptance tools like Raast QR codes, Point of Sale (POS) systems, and e-commerce payment gateways. This move is designed to encourage digital payments for both in-store and online purchases.
To support small merchants, the SBP has outlined categories such as “micro,” “small,” and “registered merchants” based on account types and transaction limits. Micro merchants, for example, will have limits of PKR 2 million for monthly transactions and PKR 3 million for balances.
By October 31, 2025, all existing merchants are required to adopt at least one digital payment solution, including the Raast QR code.
The SBP believes these measures will integrate more businesses and individuals into the formal banking sector and help transition cash-based transactions to digital platforms. The new framework also ensures strong regulatory safeguards in line with international standards.
