The number of users registered with the RAAST Payment system surged to almost 30 million by the end of March 2023.
According to the State Bank of Pakistan (SBP), there were 29.2 million registered RAAST users by the end of March. The number stood at 25.8 million in the previous quarter till December 2022.
The number of transactions processed through RAAST increased by 92.2 percent to reach 41 million while value grew by 56 percent to stand at Rs. 902 billion during the quarter of January to March 2023 as compared to October to December 2022, according to Payment System Review published by the SBP.
The system processed bulk payments of Rs. 29 billion and Rs. 872 billion in person-to-person payments. Instant payments through the internet and mobile banking without service charges made this system popular among the masses.
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.