The State Bank of Pakistan (SBP) is constantly innovative in creating financial solutions for Pakistanis, and it just launched Raast P2P, Pakistan’s first instant payment system. End-to-end digital payments between people, businesses, and state-owned assets are now possible. Every Pakistani can take advantage of the system’s free, dependable, and speedy digital payment services.
The government wants Pakistanis to be as technologically adept as the rest of the world, so you should learn how to use Raast P2P.
Pakistan is one of the fortunate countries that has either already implemented or implemented Raast. The SBP owns the entire system, and Pakistanis can now send and receive funds in their accounts. The SBP’s mobile app, internet banking, or transactions with a teller at any of its branches are required.
With their banks’ agreement, bank customers will be required to create a Raast ID and link their IBANs to their mobile phone numbers. Simply revealing your Raast ID will speed up the transfer of cash.
You can use the Raast service with your IBAN even if you don’t have a Raast ID.
The Benefits of Using Raast P2P
- There are no hidden expenses involved.
- Simple to use, designed for the masses.
- Make quick payments with no delays.
- Fully secure: international security standards are provided.
- Help desk service is available 24 hours, seven days a week.
- Provides centralized infrastructure: banks can now communicate with one another.
How to Use Raast P2P
Transferring funds using Raast is possible even if you have not registered for a Raast ID.
- Go to the medium supplied by your bank (mobile application, internet banking, transactions conducted with the cashier at any branch, or USSD).
- Login to your Digibank Account.
- Select IBAN or Raast ID under Transfers & Payments.
- Enter your Raast ID or IBAN, then confirm and enter the amount.
- Generate the OTP.
- Confirm the transaction, and you’re finished.
How to Register for Raast
Once you’ve learned how to use Raast P2P and created your Raast ID, you may quickly send payments to someone using only your cellphone number rather than an account number or IBAN. Here’s how to go about it:
- Go to the medium supplied 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 means provided by your bank will immediately authenticate your mobile number as your new Raast ID. Each client is only permitted one Raast ID and one account per Raast ID.
- All banks in Pakistan have upgraded to the necessary technologies. The technology is presently limited to domestic transactions, but users will soon be able to conduct international transfers. All transactions are also communicated to them via SMS and email.
Deletion And Alteration In Raast ID
You can contact your bank’s customer service or helpline to register a case, make a recommendation, or get information about Raast P2P.
If you want to change or delete your Raast ID, you must contact your bank’s customer service.
Good luck!
