The State Bank of Pakistan has recently introduced in banks free person to person (P2P) funds transfer under Raast, which is a digital payment system, in which the registered mobile number will be used as Account number.
“Under Raast 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,” said the SBP.
The SBP has given instructions to banks that will make P2P payments operational across the country through Raast.
The central bank has a key role to plan the financial scheme through digitisation and enhanced payment methods. Several steps have been taken place in order to bring the payment system on a fast track with lesser time spent.
As directed by SBP, the word Raast is from Urdu vocabulary which means; correct and direct that allows an easy, fast and reliable funds transfer.
This system is offering no-cost digital payment method to the people of Pakistan which is an added advantage.
Through this newly introduced system of funds transfer, the SBP believes that the introduction of Raast P2P service will not only provide a convenient and smooth digital service to customers but will also provide an effective and strengthen infrastructure for payments that would help in digital economic progress and financial services in the country.
The State Bank of Pakistan has put up an explanatory video on YouTube and on bank’s website that give explanation about how to make payments using Raast in a simple way.
The customers can easily link their registered mobile numbers as their Raast ID and connects them to their preferred Inter¬national 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,” said the SBP.
Even the customers who do not have Raast ID can still use the service using their IBANs for receiving or sending funds.
The SBP has directed all banks to make Raast easily accessible for public by introducing the service on at least three platforms which includes mobile application, internet banking and branch counters.
The list of banks has been issued recently which will be responsible to complete the necessary up gradation in technology and digitisation in system.