Transfer Through Raast
State Bank has issued a circular dated 03 January 2022 to stress the commercial banks of Pakistan to enable P2P or person to Person fast and secure payment system through Raast digital payment.
SBP in order to digitalize the banking system has introduced Raast digital payment system. Word Raast is an Urdu word that means direct and Correct.
In order to spread awareness among the general public, SBP has instructed banks to publish campaigns regarding Raast on their website, social media accounts and in digital and print media. for this purpose, SBP has also uploaded a video on its official Youtube Channel.
Channels for Raast
SBP has stressed on three delivery channels for raast payment system which are Banks Mobile Applications, Internet banking and the counter person to person payments. The member banks who have developed these services partially or fully are as below.
Mobile number as Raast ID
To make the transfer of funds easy, State Bank has made a Mobile number as raast ID for customers which can be used to send or receive payments.
While customers can use their conventional or IBAN to send or receive the payments along with a mobile number. As a Raast ID, a mobile number is linked with a bank account number and payments can be transferred or received on this mobile number. At a time one bank account number can be linked with a customer’s mobile number and if a customer with to link another bank account then the first customer will have to link an earlier account number to link the new account number.
Raast is free of Cost
The Raast Digital payment system is free of cost. there would be no charges for sending or receiving payments as in the case of a normal banking system there incur charges.
Fund Transfer Limit Through Raast
The Minimum limit set for the transfer of amount can not be less than Rs.200,000 and the maximum limit depend upon the KYC category of the customer as per income and professional needs of the customers. The maximum limit could be lower than Rs.200,000 for specific bank accounts where SBP has assigned limits.
Secure and Fast Payment Through raast
State Bank has further instructed the bank to transfer the funds within 20 seconds when the advice of payment is received.
24 hours/7 Day Service for raast channels
SBP has instructed banks to provide 24 hours service for the channels wherefrom the Raast payment solutions are being provided which include strengthening their relations with their Service Level Agreements (SLAs) with their vendors and service providers.
Banks have also been advised to ensure the availability of a fully equipped 24/7 Network Operations Center (NOC), Security Operations Center (SOC) and call center /helpdesk fully equipped with agents who are well versed with Raast functionality, and an effective customer complaints and disputes resolution mechanism for timely resolution of customer issues.
Raast is being developed in collaboration with Karandaaz, Pakistan and introduced in phases. The first
phase of Raast, Bulk Payments, was launched by the Prime Minister in January 2021. With the launch
of Raast, Pakistan joined a select club of countries that have either launched or are in the process of
launching Instant Payment Systems. Raast is fully owned and operated by the State Bank of Pakistan