The State Bank of Pakistan (SBP) is always innovative in introducing financial solutions for Pakistanis and recently developed the Raast P2P, Pakistan‘s first instant payment system. The system has made it possible for people to make end-to-end digital payments between them, companies, and state-owned assets, and every Pakistani can avail of its free, dependable, and quick digital payment services.
The government aims to see Pakistanis become tech-savvy like the rest of the world, which is why you need to learn how to use Raast P2P.
Pakistan is counted among the few privileged countries, which have implemented or are at least in the process of doing so. It owns this system entirely, and now Pakistanis can send money into their account as well as receive it back from their respective accounts. This requires only a mobile application for the SBP, internet banking, or simple transactions with any teller available at its different branches.
Bank customers will have to create a Raast ID and connect their IBANs with their mobile phone numbers with the permission of their banks. Simply sharing that Raast ID will facilitate the transfer of funds.
The Raast service can even be utilized even if you do not have a Raast ID, with only your IBAN.
The Advantages of Using Raast P2P
- Absolutely free: no hidden costs involved.
- Easy to use: made for the masses.
- Quick: make instant payments without delays.
- Fully secure: international standards of security offered.
- 24-hour assistance: around-the-clock help desk service.
- Provides Central Infrastructure: banks can now connect to each other.
How to Use Raast P2P
Transferring funds through Raast is possible even without registering for a Raast ID.
- Go to your bank’s provided medium (mobile application, internet banking, transactions conducted with the cashier at any branch or USSD).
- Login to your Digibank Account.
- Go to Transfers and Payments and select IBAN or Raast ID.
- Enter your IBAN or Raast ID, then confirm and enter the amount.
- Generate the OTP.
- Confirm the transaction and it’s done.
How To Register For Raast
Once you get to know how to use Raast P2P and make your Raast ID, then you can send your payments easily to a person using only the mobile number instead of an account number or IBAN. Here‘s how you can do it:
- Go to your bank‘s provided medium such as mobile application, internet banking, transactions conducted with the cashier at any branch or USSD.
- Log in to your bank account.
- Verify yourself and your mobile number to connect to your account.
- Your bank’s provided medium will immediately confirm your mobile number as your new Raast ID. Only one Raast ID is allowed per client and one account per Raast ID.
All Pakistan‘s banks have upgraded to the required technologies. The system is currently restricted to local transactions but users will soon be able to make international transfers too. They are also notified of all transactions via SMS and/or email.
