Misplaced Pages

Raast Instant Payment System

Product type	Instant payment system
Owner	State Bank of Pakistan
Produced by	State Bank of Pakistan, Karandaaz Pakistan
Country	Pakistan
Introduced	11 January 2021; 3 years ago (2021-01-11)
Website	www.sbp.org.pk/dfs/Raast.html

Raast (Urdu: راست; lit. 'direct') is an instant payment system developed by the State Bank of Pakistan (SBP). 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. 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.

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.

Raast began its development in 2018. Bulk/Batch payments (e.g., dividend disbursements from the SBP CDC) went live in January 2021.

Raast peer-to-peer was launched in February 2022 to enable person-to-person transactions and facilitate free digital banking.

See also

• Payment gateway
• State Bank of Pakistan

References

1. "Pakistan launches its first instant payment system – Raast". Associated Press of Pakistan. 11 January 2021. Retrieved 7 July 2023.
2. "PM Imran launches digital payment system 'Raast'". The Express Tribune. 2022-02-15. Retrieved 2022-11-29.
3. ^ "RAAST PAKISTAN'S INSTANT PAYMENT SYSTEM". State Bank of Pakistan. Retrieved 7 July 2023.
4. Dawn.com (2022-02-15). "PM Imran launches Raast person-to-person instant digital payment system". DAWN.COM. Retrieved 2022-11-29.
5. "'Raast' – SBP launches Pakistan's first instant payment system". en.dailypakistan.com.pk. 3 February 2022. Retrieved 2022-11-29.
6. Bhatti, Rizwan (2022-11-23). "Digitisation of country's financial landscape highlighted". Brecorder. Retrieved 2022-11-29.
7. "Raast Payment System to Revolutionize Transaction Speeds in Pakistani Banking". ProPakistani.
8. ^ "Case Study: Pakistan" (PDF). World Bank Fast Payment Toolkit. 3 March 2021. Retrieved 7 July 2023.
9. "PM Imran launches digital payment system 'Raast'". Express Tribune. 15 February 2022. Retrieved 7 July 2023.

v t e Banking in Pakistan
Central bank	State Bank of Pakistan
Big Four	Habib Bank MCB Bank National Bank United Bank
Commercial banking	Public sector Bank of AJK Bank of Khyber Bank of Punjab First Women Bank Industrial Development Bank Karakoram Cooperative Bank Punjab Provincial Cooperative Bank Limited Sindh Bank Zarai Taraqiati Bank Limited Private sector Allied Bank Askari Bank Bank AL Habib Bank Alfalah HabibMetro JS Bank Soneri Bank Standard Chartered Pakistan
Microfinance	Advans Pakistan Finca Pakistan HBL Microfinance Bank Khushhali Bank NRSP Microfinance Bank Telenor Microfinance Bank
Islamic banking	BankIslami Bank Makramah Al Baraka Bank Pakistan Dubai Islamic Bank Pakistan Faysal Bank MCB Islamic Bank Meezan Bank Samba Bank
House building	House Building Finance Company
Savings Bank	National Savings Organization
Foreign banks	Citibank Pakistan Deutsche Bank Pakistan ICBC Pakistan BOC Pakistan Bank of Tokyo Mitsubishi Pakistan
Defunct banks	BCCI Bank of Bahawalpur Burj Bank Federal Bank for Cooperatives KASB Bank NIB Bank PICIC Commercial Bank RBS Pakistan Silkbank Union Bank
See also	List of banks in Pakistan Pakistani bankers Institute of Bankers Pakistan KIBOR National Institute of Banking and Finance
Category

• 2021 establishments in Pakistan
• Payment interchange standards
• Interbank networks
• State Bank of Pakistan
• Banking in Pakistan
• Mobile payments