Free P2P Payment System Introduced in Pakistan
The State Bank of Pakistan has instructed banks to introduce free of charge person-to-person P2P transfer of funds through a newly introduced digital system of payments, Raast.Pakistan has continuously been striving to digitize its financial system to process payments efficiently. The development of Raast is one more step in the same direction and aims to provide a free of cost digital payment solution.
The State Bank aims to pave the way for a hassle-free transfer of funds and the digitalization of financial services in Pakistan. In order to help the public understand how Raast works, SBP has also come up with an introductory video that explains the usage of the digital payment system. The video can be accessed via YouTube and the official SBP website.
People using Raast will be to set up their accounts using their mobile phone numbers. The number can be used to transfer and receive funds. People will also be able to carry out payment transactions using their personal banking services over the counter, via internet banking or mobile applications. The successful introduction of Raast all across the country will be a step in the right direction for improving the efficacy of digital payments.
For ease of use, one can also use Raast even without having a Raast account. Banks all over the country have been directed to introduce Raast and make the digital P2P facility available on a minimum of three platforms, including internet banking, mobile application and branch counters. Some banks have already started offering the Raast services to their customers, as indicated by a list issued by the State Bank of Pakistan.