Raast is Pakistan’s first instant payment system, allowing individuals, businesses, and government entities to make end-to-end digital payments in real-time. The cutting-edge Pakistan Faster Payment System will be used to settle small-value retail payments in real-time, while also providing affordable and universal access to all financial industry players, including commercial banks, microfinance institutions, government agencies, and fintech (EMIs & PSPs).
Pakistan has historically had a low level of electronic transactions for a variety of reasons, including low banking penetration, a lack of trust in and understanding of digital payment systems, limited interoperability, difficult accessibility, and high transaction costs. Only large-value and corporate transactions can be settled instantly under Pakistan’s Real Time Gross Settlement System (RTGS). However, Raast, is Pakistan’s first instant messaging service.
Raast will address key industry issues such as,
- Interoperability is limited:
Because of a lack of centralized infrastructure, financial institutions have difficulty connecting with one another.
- The end-user pays a high price for digital payments:
End users are charged high fees for digitally transferring funds, making digital payments inaccessible to the majority of the population.
- Inadequate user experience:
To make any digital payments, end users must go through a complicated process.
- Inadequate security:
The current digital payment mechanisms do not provide adequate data protection and authentication.
All of the issues mentioned, however, have been addressed with the launch of Raast.
Following the widespread adoption of Raast in the country, many people want to create a Raast ID, allowing them to receive payments on their mobile phone numbers. Many people, however, are still unable to create a Raast ID. They don’t have to worry because we’ll show you how to create a Raast ID using a bank account in just a few steps.
How to create a Raast ID?
We will create a Raast ID using Meezan Bank Internet Banking. You can, however, use other banks and the procedure is nearly identical. So, to create a Raast ID, follow the steps outlined below.
- To begin, log in to Meezan Internet Banking with your login details.
- After logging in, you will see the ‘Raast Payment’ option on the left side of the interface. Simply click on it.
- As shown in the image, you will now see the option to ‘Register your Raast ID.’
- After that, enter your desired mobile phone number and click ‘Register Raast ID.’
- Your Raast ID will be successfully created after clicking, and you will now be able to receive payments on your mobile number.
You will be able to create your Raast ID after following the instructions above. If you enjoyed our article or have any questions, please leave them in the comments section!