The State Bank of Pakistan (SBP) on Thursday ordered banks to present free person-to-person (P2P) fund transferals under Raast, a digital payment system.
According to the central bank, instructions have been issued to banks that will permit P2P outlays in the country via Raast. The central bank is struggling hard for improvements in the financial system via digitization and enhancement in the payment system. Numerous steps were taken to bring the payment system on a speedy track with the least time spent.
Raast — an Urdu word meaning correct and direct, is established by the SBP, deals with an immediate, dependable and zero-cost digital payment system to the people of Pakistan.
Moreover, the SBP trusts that with the launch of Raast, the P2P facility will not only deliver a suitable and hassle-free digital fund transmission service to consumers but will also run an effectual and permitting payments infrastructure that would make the way for digitization of the economy and elevation of digital financial services in the country.
Read more: Raast: Pakistan rolls out new instant digital payment system
The SBP has given a descriptive video on YouTube and SBP’s website that clarifies to the public in simple and easy terms how to make payments and transfer funds via Raast.
“Under Raast P2P fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking, or over-the-counter services,” said the SBP.
Furthermore, for the facilitation of customers, they can fix their recorded mobile phone number as their Raast ID and tie it to their chosen International Bank Account Number (IBAN) through the bank’s mobile application, internet banking, or visiting their bank branch.
“Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details,” said the SBP.
