SBP offers instant and free P2P payments under Raast

SBP offers instant and free P2P payments under Raast

SBP offers instant and free P2P payments under Raast

The State Bank of Pakistan (SBP) has instructed the country to transfer funds from person to person (P2P) through the Raast Instant Payment System developed by the Central Bank of Pakistan.

SBP believes that the launch of Raast P2P will not only provide customers with a convenient and flawless digital money transfer service, but also create an efficient and affordable payment infrastructure that will pave the way for the digitalization of the economy and the introduction of digital finance. . services in the country.


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Raast from person to person (P2P)

As part of Raast Person-to-Person (P2P) fund transfers and clearing services, bank customers will be able to send and receive money to their accounts using their banks’ mobile application, internet banking or over-the-counter services.

For the convenience of customers, they can set the registered mobile phone number as Raast ID using Internet banking or by approaching the bank branch and connect the bank’s mobile application to the International Bank Account Number (IBAN) of their choice.

After the customer assigns the mobile number as Raast ID, others can send money to him using his mobile number without knowing the account number or any other details. Bank customers can continue to use the Raast service to send or receive money with their IBANs, even if they do not have Raast IDs or prefer to use IBAN.


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SBP has instructed all banks to provide Raast person-to-person money transfer services on at least three customer channels: mobile software, internet banking and branch counters.

After completing the necessary technological improvements and other preparations to offer Raast P2P, more and more banks will start offering Raast P2P services.

Banks will provide fast and free services within Raast

SBP instructed banks to ensure that funds successfully transferred through Raast are placed on buyers’ accounts within 20 seconds of receiving credit advice from the Raast system. To encourage the use of digital financial services in the country, banks have been advised not to charge any fees for Raast-related services, and all transactions made through Raast will be free for end customers.

To facilitate this, SBP will also offer free Raast services to banks. Also, banks will not set a minimum transaction size to facilitate their customers. In general, banks will allow maximum Rs transaction limits. 200,000 or higher for each transaction, depending on the bank’s assessment of the customer’s risk profile.


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The maximum transaction limit for certain account types set by the SBP from time to time may be less than Rs. 200,000 for each transaction. SBP has advised banks to use Raast to provide customers with a comfortable, convenient and flawless user experience.

He asked banks to strengthen SLAs with sellers

Banks are obliged to ensure uninterrupted and uninterrupted access to all channels offered by Raast services. To this end, banks will strengthen Service Level Agreements (SLAs) with their suppliers and service providers. Banks are also encouraged to provide a fully equipped 24/7 Network Operations Center (NOC), Security Operations Center (SOC) and a fully equipped call center / help desk with representatives with knowledge of Raast functionality and effective customer complaints management. and a dispute resolution mechanism for the timely resolution of customer issues.

Banks were also advised to take all necessary measures to encourage customers to use Raast services and facilitate their use. In this context, they will ensure the dissemination of customer information messages via SMS, email, digital and social media platforms. All banks, e-money institutions, payment system operators (PSOs) and payment system providers (PSPs) have been instructed to activate Raast person-to-person transfers, marking the second phase of the instant payment system.


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Raast is being developed in cooperation with Pakistan’s Karandaaz and is gradually being implemented. The first phase of Raast, one-time payments, was launched by the Prime Minister in January 2021. With the launch of Raast, Pakistan has joined the elite club of countries that have launched or are in the process of launching Instant Payment Systems. Raast is wholly owned and operated by the State Bank of Pakistan.

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