RAAST Person to Person (P2P) (original) (raw)

Raast P2P makes payments simpler

SBP has developed Pakistan’s first Instant payment system, called Raast, to offer instant, reliable and zero-cost digital payment services to the people of Pakistan with the objective of promoting the adoption of digital financial services in the country. With the launch of Raast, Pakistan has joined a select club of countries who have either launched or are in the process of launching Instant payment systems. The Raast system is fully owned and operated by State Bank of Pakistan. After the launch of the first phase of Raast, Bulk Payments in January 2021, SBP is now introducing Raast Person-to-Person (P2P).

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. To facilitate their customers, banks will also allow them to create a Raast ID by linking their preferred International Bank Account Number (IBAN) with their registered mobile phone number. The customers can then share Raast ID with others to receive funds in their account. Bank customers can use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID.

Features Making Life Easier

How to Use Raast

Transferring Funds via Raast
Transferring funds via Raast is possible even without sender registering for Raast ID.

	Access your bank’s provided channel (mobile application, internet banking, branch over the counter, USSD).
	Specify beneficiary’s IBAN or Raast ID (mobile number) on Raast-enabled banks.
	Confirm the amount to be sent within limits provided by your bank.
	Your payment will be transferred instantaneously.

Creating Your Raast ID
Creating your Raast ID helps others send payments to you using your mobile number only without remembering account numbers or IBANs.

	Access your bank’s provided channel (mobile application, internet banking, branch over the counter, USSD).
	Authenticate yourself and confirm your mobile number to link to your account.
	Your bank channel will instantaneously confirm your mobile number as your new Raast ID. Only one Raast ID is allowed per customer and one account per Raast ID.