2/3  BIS - Central bankers' speeches  The second use-case of RAAST that is Person to Person payments was launched early this year in February 2022. This has allowed individuals to transfer payments to other individuals, family members, and friends across the country. The SBP is now working on the third use case of Raast, which is Person to Merchant payments.
This will enable individuals to make electronic payments to merchants through alternate channels for instance, QR codes and Request to Pay, which is a mechanism whereby payee can initiate request for payment to the payer. Ladies and gentlemen, academia can play a very important role in the development of financial markets.