KARACHI – State Bank of Pakistan (SBP) has launched the country’s first system that will provide a convenient and hassle-free digital fund transfer service to customers.
The central bank has named the system as Raast which also offers an instant, reliable and zero-cost digital payment system to the people of Pakistan.
SBP believes that the launch of Raast P2P will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country.
#SBP introduces #RaastP2P Pakistan’s 1st instant payment system to offer free, fast, and reliable digital person-to-person payments service. Link mobile no with bank a/c and send & receive funds using mobile app, internet banking, or OTC. More info https://t.co/KLmxCS4Vlx pic.twitter.com/oOvqPDoCIO
— SBP (@StateBank_Pak) February 3, 2022
Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking or over the counter services.
For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch. Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details. Bank customers can still use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN.
SBP has directed all banks to make Raast Person-to-Person fund transfer service available on at least three customer channels including mobile application, internet banking and branch counters.
The central bank has directed banks to ensure that funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast system.
