Payment system

On Monday, the State Bank of Pakistan (SBP) announced that more than 10 million customers have signed up to use its instant payment system ‘Raast’, which was inaugurated by the former prime minister in February 2022. “Another milestone achieved by SBP in the journey of digitization, as the number of Raast IDs registration crosses 10 million mark since its launch,” stated SBP in a tweet, further mentioning that the aggregated value of Person to Person (P2P) transactions using the SBP’s Raast Payment System by users has surpassed Rs36 billion. 


SBP Launched Payment System ‘Raast’ to Promote Digital Financial Services


The central bank launched Raast to provide instant and free P2P payment services with the motive of promoting digital monetary services and financial inclusion. Through SBP’s Raast Payment System, bank customers can send and receive funds in their accounts using their bank’s mobile app, internet banking, or over-the-counter services. 


Customers Can Link Their IBAN With Their Registered Mobile Phone Number


Furthermore, banks in Pakistan also enable clients to create a Raast ID by linking their preferred International Bank Account Number (IBAN) with their recorded mobile phone number. Customers can then share their Raast ID with others to receive funds in their accounts. Bank customers can use Raast Payment System for sending or receiving funds using their IBANs even if they do not have a Raast ID. In addition to this, SBP’s Raast Payment System was developed in collaboration with Karandaaz Pakistan as a Karandaz was the digital media partner. Karandaaz Pakistan advertised and promoted the idea of access to finance for SMEs and monetary inclusion for individuals in Pakistan. The new service by SBP was funded by Bill and Melinda Gates foundation.


Read more: SBP Withdraws Transaction Amount Limit for Raast


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