Around 25.8 million users have been registered with the Raast payment system by end of 2022 due to its popularity among the customers’ feature of instant payment transfer at zero cost.
Raast is an initiative by SBP to promote instant end-to-end digital payments among individuals, businesses, and government entities.
The P2P payment system facilitated over 21 million transactions worth Rs. 578 billion in the last quarter of 2022. The system processed 11.8 million transactions valuing Rs. 234 billion in the third quarter of 2022.
Launched in February 2022, the system has shown positive growth in the number of users and transactions and processed over Rs. 1 trillion in 11 months of its inception.
Customers can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using 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. Bank customers can still use the Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN.
The minimum limit of customer transactions for RAAST payments at Rs. 200,000 per transaction or the transaction limits applicable as per the account type.
The aggregate customer limit assigned to RAAST payments shall not be less than the Interbank Fund Transfer (IBFT) limit.
The aggregate limit shall be communicated to the customers and the available transaction limit shall be shown in their mobile apps/internet banking portals.
