Raast

Raast Instant Payment System
Product type Instant payment system
OwnerState Bank of Pakistan
Produced byState Bank of Pakistan, Karandaaz Pakistan
CountryPakistan
Introduced11 January 2021; 3 years ago (2021-01-11)
Websitewww.sbp.org.pk/dfs/Raast.html

Raast (Urdu: راست; lit. 'direct') is an instant payment system developed by the State Bank of Pakistan (SBP).[1] It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.[2] It also enables digital payments between banks, businesses, and individuals, offering a free, fast, and reliable person-to-person (P2P) service within Pakistan. Users can conveniently send or receive money using Raast IDs, which are linked to their mobile numbers and bank accounts, making the process seamless and cost-free.[3][4][5][6]

  1. ^ "Pakistan launches its first instant payment system – Raast". Associated Press of Pakistan. 11 January 2021. Retrieved 7 July 2023.
  2. ^ "PM Imran launches digital payment system 'Raast'". The Express Tribune. 2022-02-15. Retrieved 2022-11-29.
  3. ^ "RAAST PAKISTAN'S INSTANT PAYMENT SYSTEM". State Bank of Pakistan. Retrieved 7 July 2023.
  4. ^ Dawn.com (2022-02-15). "PM Imran launches Raast person-to-person instant digital payment system". DAWN.COM. Retrieved 2022-11-29.
  5. ^ "'Raast' – SBP launches Pakistan's first instant payment system". en.dailypakistan.com.pk. 3 February 2022. Retrieved 2022-11-29.
  6. ^ Bhatti, Rizwan (2022-11-23). "Digitisation of country's financial landscape highlighted". Brecorder. Retrieved 2022-11-29.