Raast | SBP | ProPakistani
The State Bank of Pakistan (SBP) announced on Thursday that Raast, Pakistan’s first instant payment system, has now processed 892 million transactions worth Rs. 20 trillion. The latest trillion was achieved in just 16 days, showcasing SBP’s commitment to making digital payments easier and more accessible for everyone.
Raast: Revolutionizing Real-Time Payments
Raast facilitates real-time payments among individuals, businesses, and other entities. The system’s first use case, bulk payments, went live in January 2021 with the disbursement of dividends via the Central Depository Corporation (CDC).
In February 2022, Raast introduced its second use case, person-to-person (P2P) payments. The P2P feature offers free, instant transfers between individuals using a mobile number as their Raast ID or through IBAN
