The State Bank of Pakistan (SBP) is always innovative when it comes to introducing financial solutions for Pakistanis, and it recently developed Raast P2P, Pakistan’s first instant payment system.
End-to-end digital payments between people, businesses, and state-owned assets are now possible, and every Pakistani can take advantage of the system’s free, dependable, and quick digital payment services.
The government wants Pakistanis to be as technologically savvy as the rest of the world, hence why you should learn how to use Raast P2P.
Pakistan is one of the fortunate countries that has either already implemented or is in the process of implementing Raast. The SBP owns the entire system, and Pakistanis can now send and receive funds in their accounts. All that is required is the SBP’s mobile app, internet banking, or transactions with a teller at any of its branches.
With their banks’ permission, bank customers will be required to create a Raast ID and link their IBANs to their mobile phone numbers. Simply sharing your Raast ID will speed up the transfer of funds.
With only your IBAN, you can use the Raast service even if you don’t have a Raast ID.
The Benefits of Using Raast P2P
There are no hidden costs involved.
- Simple to use: designed for the masses.
- Make instant payments with no delays.
- Fully secure: international security standards are provided.
- Help desk service is available 24 hours a day, seven days a week.
- Provides centralized infrastructure: banks can now communicate with one another.
Learn how to Use of Raast P2P
Transferring funds via Raast is possible even if you have not registered for a Raast ID.
Go to the medium provided by your bank (mobile application, internet banking, transactions conducted with the cashier at any branch, or USSD).
- Please sign in to your Digibank account.
- Select IBAN or Raast ID under Transfers and Payments.
- Enter your Raast ID or IBAN, then confirm and enter the amount.
- Create the OTP.
- Confirm the transaction, and you are done.
How to Register for Raast
Once you’ve learned how to use Raast P2P and created your Raast ID, you can easily send payments to someone using only your mobile number rather than an account number or IBAN. Here’s how to go about it:
- Go to the medium provided by your bank (mobile application, internet banking, transactions conducted with the cashier at any branch, or USSD).
- Access your bank account.
- To connect to your account, you must first verify your identity and mobile number.
- The medium provided by your bank will immediately confirm your mobile number as your new Raast ID. Each client is only allowed one Raast ID and one account per Raast ID.
All banks in Pakistan have upgraded to the necessary technologies. The system is currently limited to domestic transactions, but users will soon be able to conduct international transfers as well. All transactions are also communicated to them via SMS and/or email.
You can contact your bank’s customer service or helpline to file a complaint, make a suggestion, or get information about Raast P2P.
If you want to change or delete your Raast ID, you must contact your bank’s customer service.
