Pakistan’s First Instant Payment System
RAAST is Pakistan’s first instant payment service which enables end-to-end digital payments between individuals, businesses and government entities instantaneously using their mobile phone numbers as their RAAST ID.
This payment gateway system has been developed by State Bank of Pakistan, provides state-of-the-art Payment System that enables real-time transfer of money with no transaction fees. All you have to do is register your mobile number with your U Bank Account. Any sender would then only need your mobile phone number to send money to your U Bank Account by using Raast Services.
- Instant Payments: Send and receive money using your phone number, instantaneously
- Simple to Use: Link your mobile phone number as your RAAST ID in a few quick steps through U Bank Digital App and start receiving payments using the same immediately
- No Transaction Fee: RAAST usage does not incur transaction charges for customers
- Reliable and Secure: RAAST uses more secure payment types, ensures that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services.
- Largest Network: Digital payments have been made accessible to customers of any financial institution across country
How to register on Raast services
Step 1: Sign into your U Bank Digital App.
Step 2: Select ‘RAAST ID Management’ and click on ‘Register your RAAST ID’
Step 3: Select your ‘Core Account’ from the drop down and register your ‘mobile phone number’ and press ‘Next’
Step 4: Enter your ‘6 Digit OTP’ received on your registered Mobile number and submit’ to complete enablement
How to make payments using Raast services
Step 1: Sign into your U Bank Digital App
Step 2: Select ‘RAAST Payment’ and choose ‘RAAST ID’ or ‘IBAN number’
Step 3: Select ‘RAAST ID’ and add recipient’s mobile phone number, Enter Amount and press ‘Submit’
Step 4: Enter your ‘6 digit OTP’ received on your registered Mobile number to complete transaction
- How is RAAST different from existing IBFT.
With Raast, you don’t need to have a customer account number for receiving payments. You can receive money from anywhere across Pakistan on your Raast registered mobile number in real time.
- Can I create more than 1 alias.
Currently, a customer can have only 1 registered mobile number associated with the bank account.
- Which types of transactions can I avail through the RAAST platform?
For the time being only Person-to-Person (P2P) Inter Bank Funds Transfer (IBFT)
- What is the transaction processing time trough RAAST platform?
Payments being processed through RAAST are being processed in real time. Customers can send & receive payment instantly
- How many accounts can be linked in RAAST?
Currently, only one account can be linked to a RAAST alias instantly