Raast – Pakistan’s First Instant Payment System
Raast is Pakistan’s first instant payment platform which enables end-to-end digital payments between individuals, businesses and government entities. This is a payment gateway developed by State Bank of Pakistan (SBP). It enables the real-time transfer of money without any transaction fees.
Raast payments are made through an alias which is linked to the customers bank account number. A mobile number can become a customer’s alias, on which payments are directly processed against their linked bank account. This eliminates the need for exchanging lengthy account numbers when making transactions.
Experience this secure, simple and swift digital payment!
Features
Instant Payments: Send and receive money across individuals, instantly with Raast Services
No transaction fee: An affordable digital payment option with no transaction charges for customers
Vast Network: Digital payments made accessible to customers of any financial institution across country
Reliable and Secure: Raast ensures that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services.
How to pay via Raast on digiBOP Mobile Banking?
1. Download digiBOP Mobile App from Google Play store or Apple Store and login using your username and password
2. Go to Raast Funds transfer and add a Raast beneficiary
3. Confirm the payment details
4. You will receive a confirmation receipt for successful Raast transfer
How to pay via Raast on digiBOP Internet Banking?
1. Visit https://digibop.com.pk/apps/OnlineBanking/#_frmLogin and login to portal using your username and password
2. Go to Raast Funds transfer and add a Raast beneficiary
3. Select the already added beneficiary and confirm the payment details
4. You will receive a confirmation receipt for successful Raast transfer
How to Pay via Raast Over-the-Counter (OTC)?
1. Visit your nearest BOP branch
2. Complete the Raast registration and payment form
3. Have your Alias registered and linked to your BOP account number
4. Send and receive funds instantly!
Note: Funds transfer through Raast is free of cost whereas charges are applicable on other modes such as IBFT.
Once you have successfully linked your mobile number to your account number, you can transfer payments via Raast services. In order to receive money, all you have to do is share your mobile number and bank name with the sender.
For any further queries, call us on (042) 111-267-200
Frequently Asked Questions
| Q1. What is RAAST? |
Answer: Raast is a payment gateway/financial service platform which will be used for the instant payment/transaction enhancing digitalization in banking industry.
Details & Features of RAAST Platform:
Following are the support & distinctive features of this platform:
1. Alias based payments (Using nickname or pseudo name instead of Account No or IBAN)
2. Instant Payments (Send & receive payment in near real-time (i.e. within 10-20 seconds)
3. No Transaction Costs
4. Interoperability (Usage of System Features by different participant on a single platform amongst each other)
5. Reliable & Secure |
| Q2. How can i avail RAAST services? |
Answer: If you are BOP customer, you can visit the nearest BOP branch and avail services through the counter |
| Q3. Which branches provide RAAST services? |
Answer: All BOP branches are authorized for offering Raast payment services. |
| Q4. What are the transaction charges for RAAST services? |
Answer: None. This service is currently free |
| Q5. What is the transaction processing time trough RAAST platform? |
Answer: Payments being processed through RAAST are being processed in real time. Customers can send & receive payment instantly |
| Q6. Which types of transactions can I avail through the RAAST platform? |
Answer: For the time being only Person-to-Person (P2P) Inter Bank Funds Transfer (IBFT) |
| Q7. What is the transaction limit through RAAST? |
Answer: There is a maximum limit of PKR 200,000 per transaction |
| Q8. How many transactions are available in a day through RAAST? |
Answer: Unlimited transactions can be done through our Over-the-Counter (OTC)/branch channel |
| Q9. What is a RAAST alias? |
Answer: Alias means having a nick name or an alternate name to identify anything or any detail.
In case of RAAST, customers can register their mobile number as an ‘alias’ against their BOP account details. Once your account details are registered under an alias, thereafter the customers do not need to share or remember their account number. |
| Q10. How many accounts can be linked in RAAST? |
Answer: Currently, only one account can be linked to a RAAST alias. |
| Q11. What is the procedure to de-link/delete a RAAST Alias? |
Answer: Customer will have to visit the nearest BOP branch and request to delink/delete their alias |