Raast – Comprehensive guide to the First digital Payment System of Pakistan

Feb 14, 2022 by Naukhez Arshad Qadir

Raast Pakistan is the first digital payment system launched by Prime Minister Imran Khan. The initiative brings hope to the system to shift the country towards a cashless economy and more accessible tax collection. The efforts are being made to boost the revenue and cope with illegal transactions.

According to State Bank of Pakistan

“Raast is Pakistan’s first instant payment system that enables end-to-end digital payments among businesses, government entities and individuals at the same time. The 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 everyone in financial industry that includes commercial banks, commercial banks, government bodies and fintechs (EMIs & PSPs).”

SBP said that the framework of Raast will be presented in three different phases until early 2022. Before launch, the bank announced that steps would be taken to credit dividends from designated companies to the shareholders.

Reall.Pk has gathered all the necessary information about Raast, its working mode, and its features. So let’s get started:


Raast Mode of Work:


Raast is no ordinary app like numerous others available in Pakistan. Every bank we have contact with (have a bank account) has its specific payment system. The system is updated and maintained from time to time. Every bank has its pipeline to take care of financial matters.

Now when you transact money from one bank to another, they communicate with each other. The pipe of one bank will be sent and receive the info to the line of the other bank. However, no two banks have a standard pipeline/mode of communication, and systems like 1-Link help here for transactions.

The question; why is there a need for Raast when the 1-Link system already does things? The answer is simple these connection channels are slow, subject to technical issues, and charge a hefty fee for the transaction.

We all have faced these issues while using ATMs; when you use your own bank, there are no charges for the services, but a small amount for services is charged using an ATM of another bank. Per transaction, you might be paying fees from 18 to 20 Rs.

Raast eliminates these issues; it is an infrastructure that acts as a significant pipeline for all banks to use at a nominal cost and instantly make transactions. The cheque will be cleared in minutes which often take a day or two. You can invest in stocks without any issue. You can keep details and information of all your bank accounts credit, and debit cards in one place.


Features of Raast:


Here are a few features of the Raast:


Secure System:


Online transactions are usually vulnerable and prone to security risks. With State Bank’s Raast, the payments that can be transacted will be safe and reliable. Every transaction and financial activity on the Raast platform is authorized by the person paying, and the system verifies it to enhance data protection. It will be helpful to detect and cope with fraud activities.


Instant transactions:


Now you can make online payments across Pakistan without any hassle. Payments can be made easily among individuals, commercial entities, and government institutes in minutes without getting stuck in random systems and waiting for days occasionally.


Transaction cost is near zero:


1-Link and other connecting systems mean you have to pay the transaction fee. Raast is a cost-effective way for digital payments. Cost-effectiveness is among the vital ideas behind introducing the Raast platform. The digital platform is designed to allow users to make payments with little or no cost.
 

Connectivity 24/7:

The digital platform of Raast is a bridge that connects different private and government institutes to connect with a single authentic and reliable link. The easily connected platform will make digital payments easy and accessible to everyone, including customers from all financial organizations.


Innovative technology for customer-centric approach:


Raast platform is created on highly innovative cutting-edge technology. The technical standards allow organizations and banks to introduce services and products linked with online payment methods which are user-friendly. You can make your phone number your Raast ID, and transactions are done quickly.


P2P facilities:


Few commercial banks will enable P2P funds transfer facilities to allow their clients use Raast services free by using the Raast app.


What’s next with Raast?


Raast is an excellent step of the incumbent government, but it can only be successful when banks adopt this system. Few commercial banks will be enabling P2P devices at the State Bank of Pakistan’s request, but more collaboration is needed.

The incumbent government has decided to include several payment services through Raast like pensions and salaries. Other financial support payments will also be added in Raast for easy and transparent transactions like Ehsaas Emergency Cash Program and Benazir Income Support Program.

The initiative of Raast was taken under Digital Pakistan Vision which is leading the country toward greater transparency and accountability while seamless financial operations. In short, it is a road to success for Pakistan in digital finances.

So that’s all for now! We hope that the blog has provided a comprehensive idea about Pakistan’s first digital Payment system, Raast.

Share your feedback and queries at info@reall.pk. Stay tuned to Reall.Pk blog page for latest news and information.
 

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