Raast P2P Payments Surpass Rs. 1 Trillion in Just 11 Months - BizTalk

The State Bank of Pakistan’s (SBP) commitment to fostering digital finance has reached another significant milestone. Its Raast Person-to-Person (P2P) payment system has successfully processed transactions exceeding Rs. 1 trillion in a remarkable span of just 11 months.

Last year, the State Bank of Pakistan launched the Raast P2P service with the aim of offering customers a streamlined and effortless digital fund transfer experience. This initiative is a cornerstone of the SBP's broader strategy to accelerate the digitization of the national economy and enhance digital financial services across the country.

Under the Raast P2P framework, which facilitates fund transfers and settlements, bank clients can effortlessly send and receive money to and from their accounts. This can be done conveniently through their respective bank’s mobile application, internet banking platforms, or by utilizing over-the-counter services at branches.

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To further simplify the process for users, they have the option to register their mobile phone number as a unique Raast ID. This ID can then be linked to their preferred International Bank Account Number (IBAN) using their bank's mobile application, internet banking portal, or by visiting a local bank branch.

Once a customer has established their mobile phone number as their Raast ID, other individuals can transfer money to them simply by using this mobile number, thereby eliminating the need to know the recipient's account number or any other bank details. Nevertheless, bank customers retain the flexibility to use the Raast service for sending or receiving funds via their IBANs, even if they have not set up a Raast ID or prefer to use their account number directly.