Raast is a new digital payment solution system that aims to make money transfers from one bank to another or to any vendor simpler and easier.
In early 2021 State Bank inaugurated Raast Payment System to modernize and revolutionize the payment system.
In order to make digital payment easier, the mobile number of the customer can now be linked bank account number.
So on mobile numbers, customers then can receive payments instantly without any hassle and in no time.
As banking grew, bank account numbers grew bigger and bigger and now International bank account number is now in almost 32 digits. in order to make it simpler and easier now the bank account turned to be the bank account number.
Raast Payment System now can be accessed in mobile application and only one bank account number can be linked with only mobile number.
Further payment solutions will be facilitated for salary and pension disbursement through Raast system. In Stock exchanges dividends will be paid through this payment system. On Retail stores, payments by customers will be made through Raast digital payment system
More Raast payment systems are as under
Instant Payment
through Raast payment system, payments can be made in almost real-time without any delay between individuals, merchants, businesses and Govt entities.
Low-Cost Transactions
Transactions through raast System will be cheaper for end-user.
Full sector-wide interoperability: Raast will allow all financial institutions to seamlessly connect to each other via a single link to the central infrastructure, making digital payments accessible across any channel to customers of any financial institution.
Customer-centric innovative products/services: Raast will be built on cutting-edge technological standards, allowing financial institutions to develop innovative and user-friendly digital payment products and services (e.g. payment through phone number/email).
Reliability and enhanced security: 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.
Find more details about Raast Digital system on SBP official website