The State Bank of Pakistan (SBP) on Wednesday launched Pakistan’s first instant Digital Payment System ‘Raast’ to provide free, rapid, and secure digital P2P payments to citizens.
The SBP instructed banks on Thursday to facilitate P2P financial transactions in Pakistan using Raast, Pakistan’s Instant Payment System.
Raast, an Urdu term meaning correct and direct, gives Pakistanis a quick, trustworthy, and free digital payment method
For clients, the introduction of Raast P2P will not only bring convenience, but also an effective and enabling payments infrastructure that will pave the way for the country’s economic digitalization and promotion of digital financial services.
Because Raast is a free service for end-users, banks have been encouraged not to charge for it.
What is Raast?
Raast is being phased-in with Pakistan’s Karandaaz. Prime Minister Imran Khan established Raast Bulk Payments in January 2021.
With Raast, Pakistan joined a small group of nations that have developed or are establishing Instant Payment Systems. State Bank of Pakistan owns and operates Raast.
How It Works?
Raast P2P fund transfers and settlement services allow users to send and receive funds via their bank’s mobile app, online banking, or over the counter services.
Customers can use the bank’s mobile application, online banking, or branch to link their registered mobile phone number to their selected International Bank Account Number (IBAN).
A customer’s Raast ID allows people to pay money to him/her without knowing the account number or any other data.
Even if they don’t have a Raast ID or prefer to utilise their IBAN, bank clients can use Raast to transfer or receive payments.