ISLAMABAD-The Covid-19 pandemic has necessitated and increased the use of digital banking in Pakistan. The country has seen an ‘exponential’ growth in digital payment methods during the past few years. Paying bills, transferring money, and conducting business online have all grown ‘tremendously’.
Pakistan has also launched a micro payment gateway called ‘RAAST’, which is the country’s first instant payment system, enabling end-to-end digital transactions among individuals, businesses and government bodies. People with bank accounts now have the option to easily send money to others via this service. RAAST offers a simple, fast and secure way to transfer money from one bank account to another. Talking to WealthPK in this regard, Daniyal, a banking officer in an MCB bank branch, said that the State Bank of Pakistan had achieved an important milestone in digital banking by launching RAAST. “Now customers can receive their payments directly into their bank accounts without going to physical branches.” “Due to this integration with RAAST, customers can receive their payments in bank accounts in a simple, free, fast and secure way. RAAST can also serve as a platform for accelerating the growth of Pakistan by facilitating small and medium enterprises and individuals.” “RAAST is aimed at providing rapid and free people-to-people payment services to enhance digital financial services and financial inclusion.
Bank users can use RAAST to transfer and receive funds in their accounts by using their bank’s mobile app.” The MCB banking officer further said that customers can use RAAST facility by using their RAAST ID for sending or receiving funds. “They can also use their IBANs if they do not have a RAAST ID. Customers can be able to use their registered mobile numbers as their RAAST IDs and link them to any of their bank accounts to receive cash more effortlessly.”
Talking about the features of RAAST, Daniyal said the instant payment system is quick because it offers users real-time payment experience. “Unlike other payment systems, RAAST is free. It is meant to offer an instant, reliable and zero-cost digital payment system to customers. It is available on all banking channels. If customers are not satisfied with the service of a bank, they can change their account by delinking the RAAST ID and can connect with another bank to avail the best banking features.” According to WealthPK, the SBP’s move is part of the efforts to ensure Pakistan’s transition from being a cash-based economy to a digital economy. RAAST can serve as a driver for revolutionising Pakistan’s financial infrastructure.