Raast
| Product type | Instant payment system |
|---|---|
| Owner | State Bank of Pakistan |
| Produced by | State Bank of Pakistan, Karandaaz Pakistan |
| Country | Pakistan |
| Introduced | 11 January 2021 |
| Website | www |
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
- Payment gateway
- State Bank of Pakistan
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.
- ↑ Dawn.com (2022-02-15). "PM Imran launches Raast person-to-person instant digital payment system" (in en). 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 Payment System to Revolutionize Transaction Speeds in Pakistani Banking". ProPakistani.
- ↑ 8.0 8.1 "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.
- ↑ "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.
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