KARACHI: The State Bank of Pakistan (SBP) on Wednesday introduced Pakistan’s first instant Digital Payment System ‘Raast’ aimed at providing free, fast, and reliable digital person-to-person (P2P) payments service to people of the country.
SBP on Thursday issued instructions to banks to enable Person-to-Person (P2P) fund transfers in the country through Raast, Pakistan’s Instant Payment System.
Raast— an Urdu word which means correct and direct—offers an instant, reliable and zero-cost digital payment system to the people of Pakistan.
The launch of Raast P2P service will not only provide a convenient and hassle free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country,” the SBP said in a statement.
Quick payments: Digital payments that be made almost instantly between customers, merchants, companies, and governmental organizations
minimal to nonexistent transaction expenses for final users Raast is built on a cost recovery approach to enable consumers from a wide range of socioeconomic backgrounds to afford digital payments.
Complete industry-wide compatibility: Raast would enable seamless connectivity between all financial institutions through a single link to the central infrastructure, enabling consumers of all financial institutions to access digital payments via any channel.
Innovative, customer-focused goods and services: Raast will be constructed using state-of-the-art technology, enabling financial institutions to provide creative and intuitive digital payment solutions (such as phone or email payments).
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