Payment System Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among people, businesses, and government entities within seconds. Moreover, it will help users to reduce the high cost of the transactions making small-value retail payments cheap.
Features of Payment System Raast:
- Instant Payments: Send and receive money across individuals, instantly with Raast Services
- No transaction fee: An affordable digital payment option with no transaction charges for customers
- Vast Network: Digital payments made accessible to customers of any financial institution across the country
- Reliable and Secure: Raast will introduce more secure payment types, ensure that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services.
- No minimum transaction limit: No minimum transaction size is defined.
- 24/7 Support: Raast is available round the clock. 24/7 helpdesk support is offered by the banks.
- Simple: No need to remember long IBAN numbers.
How to Register on Raast Service?
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 instantly confirm your mobile number as your new Raast ID. Only one Raast ID is allowed per customer and one account per Raast ID.
How You Can Transfer Funds Using the Raast Service?
Transferring funds via Payment System Raast is possible even without the 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 the limits provided by your bank.
- Your payment will be transferred instantaneously.
For more information about the Payment System Raast, click here
Read more: PM Imran Khan Launches Digital Payment System “Raast”
