SBP introduces instant and free person-to-person payments under Raast

State Bank of Pakistan has issued instructions that will enable Person-to-Person (P2P) fund transfers in
the country through Raast, Pakistan’s Instant Payment System developed by the State Bank.

Raast—an Urdu word which means correct and direct—offers an instant, reliable and zero-cost digital payment system to the people of Pakistan. SBP has directed banks to ensure that funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast system.

SBP has provided an explanatory video on YouTube and SBP’s website that explains to the public in simple terms how to make payments and transfer funds using Raast.

Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be
able to send and receive funds in their accounts using their bank’s mobile application, internet banking
or over the counter services. 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 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.

The maximum transaction limit could be lower than PKR 200,000 per transaction


The following banks have upgraded to use Raast

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