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Pakistan’s first instant payment system, Raast, developed by the State Bank of Pakistan (SBP), aims to provide fast, secure, and zero-cost digital transactions.
This initiative encourages the adoption of digital financial services, making fund transfers more convenient for individuals and businesses.
Raast offers several benefits to its users as it is completely free, with no charges on transactions.
The system simplifies payments by allowing users to send money using a Raast ID instead of remembering long IBAN numbers.
There is no minimum transaction limit, enabling users to transfer any amount.
Transactions are processed instantly, whether the recipient has a bank account, mobile wallet, or branchless banking account.
Moreover, international security standards ensure that all transactions remain protected.
Raast is also available 24/7, with continuous customer support provided by participating banks.
How to Transfer Funds via Raast
You can send money through Raast even if you haven’t registered for a Raast ID. To transfer funds, simply access your bank’s mobile application, internet banking, or visit a branch.
Enter the recipient’s IBAN or Raast ID (mobile number) and confirm the transaction amount within the limits set by your bank.
Once confirmed, the payment is processed instantly, ensuring a seamless experience.
How to Create Your Raast ID
A Raast ID links your mobile number to your bank account, allowing others to send you money without needing your IBAN.
- Access your bank’s mobile app, internet banking, or visit a branch.
- Authenticate yourself and confirm your mobile number.
- Your bank will link your number as your Raast ID instantly.
Each customer can have only one Raast ID, linked to a single account. Start using Raast P2P for secure, hassle-free digital payments today!
