Raast
Raast (Urdu: راست; lit. direct) is Pakistan's first instant payment system operated 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 as part of his Digital Pakistan vision in an effort to include the poorer segments of the country into the formal economy.[4] Operated by Raast Payments Pakistan (Private) Limited (RPP), a wholly-owned subsidiary of the State Bank of Pakistan,[7] it received backing from the Bill and Melinda Gates Foundation and Karandaaz Pakistan. It was developed with World Bank assistance.[8]
Raast began its development in 2018. Bulk/Batch payments (e.g. dividend disbursements from the SBP CDC) went live in January 2021.[3][9]
Reza Baqir, the Governor of the State Bank of Pakistan (SBP), launched the National Payment Systems (NPS) Strategy on 1 November 2019 as part of the Pakistani government and SBP's move towards digitization.[10]
Raast peer-to-peer was launched in February 2022 to enable person-to-person transactions and facilitate free digital banking.[9][11]
By the first quarter of FY 2025, Raast platform was being used to settle transactions worth Template:Pakistani Rupee4.79 trillion (Template:PKRConvert/USD), with Rs. 4.69 trillion of it being peer-to-peer transfers, up from just Template:Pakistani Rupee100 billion (Template:PKRConvert/USD) at the end of FY 2022.[12]
See also
- Payment gateway
- State Bank of Pakistan
- PayPak
References
- ↑ "Pakistan launches its first instant payment system – Raast". Associated Press of Pakistan. 11 January 2021. https://www.app.com.pk/top-news/pakistan-launches-its-first-instant-payment-system-raast-2/.
- ↑ "PM Imran launches digital payment system 'Raast'" (in en). 2022-02-15. https://tribune.com.pk/story/2343588/pm-imran-launches-digital-payment-system-raast.
- ↑ 3.0 3.1 "RAAST PAKISTAN'S INSTANT PAYMENT SYSTEM". https://www.sbp.org.pk/dfs/Raast.html.
- ↑ 4.0 4.1 "PM Imran launches Raast person-to-person instant digital payment system" (in en). 2022-02-15. https://www.dawn.com/news/1675214.
- ↑ "'Raast' – SBP launches Pakistan's first instant payment system". 3 February 2022. https://en.dailypakistan.com.pk/03-Feb-2022/raast-sbp-launches-pakistan-s-first-instant-payment-system.
- ↑ Bhatti, Rizwan (2022-11-23). "Digitisation of country's financial landscape highlighted" (in en). https://www.brecorder.com/news/40210274.
- ↑ "Raast: Pakistan's Instant Payment System". https://www.sbp.org.pk/raast.
- ↑ Yasir, M. (2021-01-11). "Raast Payment System to Revolutionize Transaction Speeds in Pakistani Banking" (in en-US). https://propakistani.pk/2021/01/11/raast-payment-system-to-revolutionize-transaction-speeds-in-pakistani-banking/.
- ↑ 9.0 9.1 "Case Study: Pakistan". World Bank Fast Payment Toolkit. 3 March 2021. https://fastpayments.worldbank.org/sites/default/files/2022-05/Pakistan_RAAST_Case_Study_%20May_2022.pdf. Retrieved 7 July 2023.
- ↑ "Case Study: Pakistan: RAAST" (PDF). World Bank. May 2022. https://fastpayments.worldbank.org/sites/default/files/2022-05/Pakistan_RAAST_Case_Study_%20May_2022.pdf#page=12.
- ↑ "PM Imran launches digital payment system 'Raast'". Express Tribune. 15 February 2022. https://tribune.com.pk/story/2343588/pm-imran-launches-digital-payment-system-raast.
- ↑ "Payment Systems Review – Quarter 1 FY25". https://www.sbp.org.pk/psd/pdf/PS-Review-Q4FY25.pdf.
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