K-Electric and SBP collaborate to accelerate digital payments

KARACHI: K-Electric (KE) has partnered with the State Bank of Pakistan (SBP) to make it easier for consumers to pay their bills via Raast, which enables safe, quick and real-time digital transactions through any bank account in Pakistan, a statement said on Wednesday.

“Accelerating the digitisation of payments, the [SBP] and [KE], the country’s sole private power utility, have made a significant advancement by signing agreements to initiate a proof of concept under Raast’s payment initiation service provider (PISP) model,” KE said in a statement.

“This collaboration will assess the feasibility of incorporating K-Electric’s consumer and bill payment services into Raast, Pakistan’s first instant payment system. The successful integration will pave the way for other similar payment services to join the platform in Pakistan,” it added.

This strategic alignment aims to enable KE customers by offering easier bill payments via Raast allowing seamless, secure and real-time digital transactions through any bank account in Pakistan, it noted.

Speaking on the occasion, Deputy Governor of the SBP Saleem Ullah highlighted the importance of integrating public and private entities via Raast, emphasising that simplifying the lives of millions requires a collective approach.

He noted that digitisation of government payments and receipts is gaining momentum, unlocking efficient, secure and transparent payment processes that will benefit citizens, businesses and the economy. Collaborations with fintech companies are crucial, the deputy governor encouraged the banking industry to leverage fintech competencies to provide digital payment services to all segments, including billers like KE.He pointed out that billers like KE are now directly approaching the bank to access Raast highlighting the growing demand for digital payment solutions. He further noted that KE’s inclusion as a PISP sets a new benchmark for other service providers joining Raast, making essential services more accessible and convenient for the public.

Moonis Alvi, CEO of K-Electric, expressed his enthusiasm about the partnership, calling it a major milestone in KE’s digitisation roadmap. “Our partnership with the SBP aligns with KE’s vision of revolutionising its customer experience and engagement by being accessible across digital platforms.” he added.