Over 10mn customers sign up for SBP’s Raast payment service The aggregate value of P2P transactions on Raast has crossed Rs36 billion

The State Bank of Pakistan (SBP) on Monday announced that over 10 million customers have registered to use its instant payment system ‘Raast‘, launched in February. “Another milestone achieved by SBP in the journey of digitization, as the number of Raast IDs registration crosses 10 million mark since its launch,” said SBP in a tweet, adding that the aggregated value of Person to Person (P2P) transactions using the Raast system by customers has crossed Rs36 billion.

Back in February, the SBP launched Raast to offer instant and free P2P payment services with the objective of promoting digital financial services and financial inclusion. Through Raast, bank customers can send and receive funds in their accounts using their bank’s mobile app, internet banking or over-the-counter services.

Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including commercial banks, microfinance banks and government entities

Banks also allow customers to create a Raast ID by linking their preferred International Bank Account Number (IBAN) with their registered mobile phone number. Users can then share their Raast ID with others to receive funds in their account. Bank customers can use Raast for sending or receiving funds using their IBANs even if they do not have a Raast ID. The service was developed in collaboration with Karandaaz Pakistan, a not-for-profit company promoting access to finance for SMEs and financial inclusion for individuals.

Source: This news is originally published by brecorder

By Web Team

Technology Times Web team handles all matters relevant to website posting and management.