Here is how you can use and register for Raast P2P

The State Bank of Pakistan recently developed the Raast P2P, Pakistan’s inaugural instant payment system. The plan has made possible end-to-end digital payments between people, companies, and state-owned assets. Every Pakistani can benefit from its free, reliable, and fast digital payment services.

The government aspires to see Pakistanis become tech-savvy like the rest of the world, so you need to understand how to use Raast P2P.

Pakistan ranks among the countries that have either introduced Raast or are doing so. The central bank has complete ownership of the system, and Pakistanis can now send and receive funds in their accounts. All you need is the SBP’s mobile application, internet banking, or transactions conducted with a teller at any division.

Bank consumers will have to make a Raast ID and connect their IBANs with their mobile phone numbers with the consent of their banks. Merely sharing that Raast ID will enable the transfer of funds.

The Raast service can even be utilized if you do not have a Raast ID, only your IBAN.

Advantages of Using Raast P2P

• Free: no hidden costs involved.
• Easy to use: made for the masses.
• Quick: make instant payments without delays.
• Fully secure: international standards of security offered.
• 24-hour assistance: around-the-clock help desk service.
• Provides Central Infrastructure: banks can now connect.

How to Use Raast P2P

Transferring funds via Raast is possible even without registering for a Raast ID.

• Go to your bank’s selected medium (mobile application, internet banking, transactions conducted with the cashier at any branch, or USSD).
• Login to your Digibank Account.
• Go to Payments and set IBAN or Raast ID.
• Enter your IBAN or Raast ID, then verify and enter the amount.
• Generate the OTP.
• Verify the transaction, and it is done.

Registration for Raast

Once you learn how to use Raast P2P and make your ID, you can effortlessly send your payments to a person using only your mobile number. Here is how you can do it:

• Go to your bank’s available medium (mobile application, internet banking, transactions conducted with the cashier at any branch, or USSD).
• Now log in to your bank account.
• Confirm your cell phone number to establish a connection to your account.
• Your bank’s provided medium will instantly confirm your mobile number as your new Raast ID. Only one Raast ID is authorized per client and one account per Raast ID.

All banks of Pakistan have boosted to the needed technologies. The system is currently limited to local transactions, but users will soon be able to make global transfers too. They are also informed of all transactions via SMS and email.

You can contact your bank’s customer service or helpline to report a complaint, submit a suggestion, or aspire directions about using Raast P2P.

If you want to change or delete your Raast ID, you must contact your bank’s customer support.

What are your thoughts on this? Please share with us in the comment section below.