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what is the Raast digital Payment system
FINANCE

What is the Raast Payment System?

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What is the Raast Payment System?

What is the Raast Payment System? Do you know “Raast” is Pakistan’s first digital payment processing system that enables end-to-end digital payments among individuals, businesses, and government entities smoothly? This service is available for users with bank accounts to seamlessly transfer of funds to other individuals’ bank accounts.

what is the Purpose of Raast ID?

There is a very common question what is the purpose of Raast ID? The Raast ID is an identification number for the transfer of funds and currently, it is a mobile number. It is linked to your bank account. Good thing is that instead of giving bank account numbers to others for the transfer of funds, now you can share your Raast ID with others and after that, you can start receiving funds in your Raast linked account.

How do you use Raast?

  • Download Bank’s Mobile App and log in to your account 
  • Click on Raast Services tab 
  • Select Raast ID Management Tab
  • Click on Register Raast ID
  • Select a mobile number to register as your Raast ID
  • Link your mobile number with your Bank’s account
  • Confirm the details you have entered
  • Enter OTP 
  • Now You have successfully registered your Raast ID
See also  Pakistan made progress on all 27 points in FATF Action Plan

How Do I receive money from Raast?

  • Login to Bank’s digital app
  • Click on “Raast Funds Transfer”
  • Select From Account.
  • Select Transfer Type (Raast ID/IBAN)
  • Select beneficiary (in case of existing) or enter new beneficiary.
  • Enter amount
  • select “Purpose of Payment”
  • Enter PIN received on registered mobile number.
  • Confirm transaction to complete the payment process.

What are the Benefits of Raast ID?

  • Instant Payment system
  • Free from Transaction fee
  • immediate status confirmation on every transaction.
  • Raast payment system is reliable and secure
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