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How to Use Raast P2P: Registration Process and Advantages

All You Need to Know About Raast Instant Payment System

SBP Raast Instant Payment System

The State Bank of Pakistan (SBP) is always innovative in introducing financial solutions for Pakistanis and recently developed the Raast P2P, Pakistan’s inaugural instant payment system. The system has made end-to-end digital payments between people, companies, and state-owned assets possible, and every Pakistani can avail of its free, dependable, and quick digital payment services.

The government aims to see Pakistanis become tech-savvy like the rest of the world, which is why you need to learn how to use Raast P2P.

Raast P2P

Pakistan ranks among the privileged countries that have either already introduced Raast or are in the process of doing so. The SBP has complete ownership of this system and Pakistanis can now send and receive funds in their accounts. All that is required is the SBP’s mobile application, internet banking, or transactions conducted with a teller at any of its branches.

Bank customers will have to create a Raast ID and connect their IBANs with their mobile phone numbers with the permission of their banks. Simply sharing that Raast ID will facilitate the transfer of funds.

The Raast service can even be utilized even if you do not have a Raast ID, with only your IBAN.

The Advantages of Using Raast P2P

  • Absolutely free: no hidden costs involved.
  • Easy to use: made for the masses.
  • Quick: make instant payments without delays.
  • Fully secure: international standards of security offered.
  • 24-hour assistance: around-the-clock help desk service.
  • Provides Central Infrastructure: banks can now connect to each other.

How to Use Raast P2P

Transferring funds through Raast is possible even without registering for a Raast ID.

  • Go to your bank’s provided medium (mobile application, internet banking, transactions conducted with the cashier at any branch or USSD).
  • Login to your Digibank Account.
  • Go to Transfers and Payments and select IBAN or Raast ID.
  • Enter your IBAN or Raast ID, then confirm and enter the amount.
  • Generate the OTP.
  • Confirm the transaction and it’s done.

How to Register for Raast

Once you understand how to use Raast P2P and make your Raast ID, you can easily send your payments to a person using only your mobile number instead of an account number or IBAN. Here’s how to do it:

  • Go to your bank’s provided medium (mobile application, internet banking, transactions conducted with the cashier at any branch or USSD).
  • Log in to your bank account.
  • Verify yourself and your mobile number to connect to your account.
  • Your bank’s provided medium will immediately confirm your mobile number as your new Raast ID. Only one Raast ID is allowed per client and one account per Raast ID.

All Pakistan’s banks have upgraded to the required technologies. The system is currently restricted to local transactions but users will soon be able to make international transfers too. They are also notified of all transactions via SMS and/or email.

You can contact your bank’s customer support or helpline to register a complaint, offer a suggestion, or seek directions about using Raast P2P.

If you want to modify or delete your Raast ID, you will have to contact your bank’s customer support.

Good luck!

Written by Amna Hamid

Effie Award-winning Marketer | SEO Content Writer | Social Media Manager

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