Thursday, 6 October 2022
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What is Raast? How will it help to Citizens of Pakistan?

Raast – Pakistan’s First Instant Digital Payment System

Raast is Pakistan’s No. 1 instant digital payment system. It enables end-to-end digital payments between individuals and businesses all over the Pakistan.

The Raast payment system was developed by State Bank of Pakistan.

It enables real-time transfer of money without any transaction fees. You have to do is register your mobile number with your bank account and you will able to instantly receive funds.

Raast digital payment system benefits

BENEFITS OF RAAST PAYMENT SYSTEM

  • Swift Payments: Send and receive money swiftly.
  • Without transaction fee: With no transaction charges for customers
  • Wide Network: Accessible to customers of any financial institution across country
  • Secure Digital Payment system: Under Raast, each transaction is authorized by the payer, and further provides enhanced data protection and fraud detection services.

HOW TO REGISTER ON RAAST DIGITAL PAYMENT SYSTEM?

You can easily register on Raast account by using your bank’s Digital App. Follow the below steps to register:

  1. ‘Sign’ into your Bank’s Digital App
  2. Click on your ‘profile’ and select ‘Settings’
  3. Select ‘Raast Management’ and click on ‘Create’
  4. Select your ‘mobile number’ and link it with your Bank’s account.

Now, you have successfully linked your mobile number to receive funds via Raast digital payment services. All you have to do is to share your mobile number with the sender of funds.

HOW TO USE RAAST ACCOUNT?

For the purpose of making payments by using the Raast services, following steps will help you:

  1. Sign into your Bank’s Digital App and select Payments
  2. Click on Raast and add a new Payee
  3. Select Mobile number or IBAN
  4. Add Raast registered mobile number, enter OTP and proceed to pay
  5. Payment made instantly

Difference between Raast and existing Bank Transfer system

You have no need to have a customer account number for receiving payments under Raast payment system.

You can receive funds from anywhere all over the Pakistan on your Raast registered mobile number instantly.

Limit on Transactions under Raast Payment system

Under Raast digital payment system there is no restriction / limitation on transactions. But, only the account type restrictions apply.

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