State Bank of Pakistan’s initiatives to promote digitization achieved another significant milestone, as the Raast Person to Person (P2P) payments crossed Rs. 1 trillion in a span of just 11 months.
Last year, State Bank of Pakistan (SBP) introduced Raast P2P service to provide a convenient and hassle-free digital fund transfer service to customers aimed at promoting the digitization of the economy and digital financial services in the country.
Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers can send and receive funds in their accounts using their bank’s mobile application, internet banking, or over-the-counter services.
Read also: Major acquisitions dominated Pakistan’s Tech sector in 2022
For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch.
Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details. Bank customers can still use the Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN.
