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]

History

Raast was launched by then Prime Minister Imran Khan on 11 January 2021. Raast is an initiative led by the State Bank of Pakistan, that received backing from the Bill and Melinda Gates Foundation and Karandaaz Pakistan. It was developed with World Bank assistance.[7]

Raast began its development in 2018. Bulk/Batch payments (e.g., dividend disbursements from the SBP CDC) went live in January 2021.[3][8]

Raast peer-to-peer was launched in February 2022 to enable person-to-person transactions and facilitate free digital banking.[8][9]

See also

References

  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. ^ a b "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.
  7. ^ "Raast Payment System to Revolutionize Transaction Speeds in Pakistani Banking". ProPakistani.
  8. ^ a b "Case Study: Pakistan" (PDF). World Bank Fast Payment Toolkit. 3 March 2021. Retrieved 7 July 2023.
  9. ^ "PM Imran launches digital payment system 'Raast'". Express Tribune. 15 February 2022. Retrieved 7 July 2023.