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SBP Rolls out a Free, Instant Payment System

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SBP Rolls out a Free, Instant Payment System

The State Bank of Pakistan launched a person-to-person payment system, which will provide customers with an easy and hassle-free digital fund transfer service, as well as help increase financial inclusion and promote the digitization of the country’s economy.

“We believe Raast has the potential to be a game-changer in driving our agenda of financial inclusion in Pakistan.” “Raast P2P is a cutting-edge, instant, and free person-to-person payment system designed to make it easier to adopt digital channels for daily payment needs by effectively using a mobile number as a bank account,” said SBP Governor Dr. Reza Baqir to The News.

“The Raast P2P launch is part of our larger strategy to promote digitization in Pakistan.” Another important step is our recently announced licensing framework.

This provides the people of Pakistan with an instant, dependable, and zero-cost digital payment system, it added. As of February 3, at least 22 banks had completed the necessary technological upgrades and other preparations and we’re offering these services to their account holders.

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 under Raast, P2P fund transfers, and settlement services. Customers can use the bank’s mobile application, internet banking, or visiting their bank branch to set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN).

Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him without having to know the account number or any other details. Even if they do not have a Raast ID or prefer to use their IBAN, bank customers can still use the Raast service to send or receive funds. The SBP has directed that this service be available through at least three customer channels, including mobile applications, internet banking, and branch counters.

The SBP has directed banks to ensure that funds successfully transferred via Raast are credited into the recipients’ accounts within 20 seconds of the Raast system receiving credit advice. To encourage the use of digital financial services in the country, banks have been advised not to charge any fees for Raast-related services, and all transactions conducted through Raast will be free for end-users.

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