RAAST: Pakistan's Instant Payment System
Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks, government entities and fintech (EMIs & PSPs).
Pakistan has had low electronic transactions for a number of reasons including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility and high cost of transactions. The Real Time Gross Settlement System (RTGS) of Pakistan provides instant payment settlements for large value and corporate transactions only. Raast: Pakistan’s Instant Payment System will facilitate retail payment settlements with much great efficiency.
Raast aims to address some key industry challenges within the payment ecosystem:
- Instantaneous Payments: Near real-time digital payments across individuals, merchants, businesses, and government entities
- No transaction costs for end users: Raast is designed to operate free of cost to end users of all socio-economic backgrounds
- Full sector-wide interoperability: Raast will allow all financial institutions to seamlessly connect to each other via a single link to the central infrastructure, making digital payments accessible across any channel to customers of any financial institution
- Customer-centric innovative products/services: Raast will be built on cutting-edge technological standards, allowing financial institutions to develop innovative and user-friendly digital payment products and services (e.g. payment through phone number as RAAST ID).
- Reliability and enhanced security: RAAST uses more secure payment types, ensures that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services.
Frequently Asked Questions
Q1: What is Raast?
Raast is Pakistan's first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities seamlessly. This service is now available for individuals with bank accounts to seamlessly transfer funds to other individuals with bank accounts.
Q.2: Why should I use Raast?
Raast will connect you with every bank. Raast offers a simple, fast, secure and convenient way to transfer money from one bank account to another.
Q3: How do I start using Raast?
You can start using Raast through banks that have connected on the Raast network. Please reach out to your bank to see if they are offering Raast.
Q4: Which partner banks are currently active?
Please see the list of current partner banks (https://www.sbp.org.pk/dfs/Raast-P2P.html#2)
Raast Registration and ID
Q1: What is Raast ID?
Raast ID is a simple identifier (currently mobile number) that you link with your bank account. Instead of sharing bank account numbers, you can now share your Raast ID with others and start receiving funds in your linked account.
Q2: Do I need a bank account to use Raast?
Yes, you need to have an account with a bank or any other payment service provider to connect it with Raast.
Q3: Do I need to register a Raast ID to use Raast?
Yes, you will need to register your Raast ID if you wish to receive payments on your Raast ID (e.g. phone number).
Q4: Can I register multiple Raast IDs and/or multiple accounts against a Raast ID?
Currently, an individual can only register one Raast ID with one linked account (regardless of the number of bank accounts or mobile numbers they may have).
Q5: Can I change my linked bank account against my Raast ID?
Yes, you can de-link your Raast ID from your current bank account and can re-link this Raast ID with another bank account. For further details please contact your respective bank.
Q6: How can I modify/delete my Raast ID or my consumer details?
Please reach out to the bank used for your Raast ID registration for Raast ID modification or deletion.
Q1: What are the charges for sending and receiving funds using Raast?
In spirit to promote financial inclusion in Pakistan, currently there are no charges on RAAST transactions.
Q2: What are the channels to transfer funds via Raast?
Raast is available for payments via mobile apps, internet banking, USSD (Unstructured Supplementary Service Data) and branches
Q3: How do I pay using Raast?
You can send payments to a registered Raast ID or an IBAN for those banks currently active on the Raast network.
Q4: What is the limit for Raast transfers?
Rs. 250,000 per transaction
Q5: Can Raast be used to make international transactions?
No, Raast is currently activated for only local transfers within Pakistan.
Q1: Are payments made via Raast safe?
Yes, Raast offers reliable, state of the art security features to ensure payments are protected and secure.
Q2: Should I receive an SMS/Email once a transaction is complete?
Yes, successful transactions should be notified via SMS/email by your bank.
Q3: How can I register complaints with reference to Raast transactions?
There is a well-defined procedure to register complaints related to Raast. Please raise any concerns/issues/queries with bank's existing customer support or helpline directly.