Payment systems are an integral part of the financial landscape in any country. It is even more important in countries like Pakistan where remittances play a big role in the country’s economy. So, the RAAST instant payment system has been introduced as an electronic alternative to cash transactions. RAAST Instant Payment System (RAPS) is fast, secure, and reliable. Moreover, it’s cheap, offering no fee per transaction. Hence, it makes it ideal for small businesses that would normally struggle with financial overhead costs. RAAST offers security through biometric authentication and encryption. Hence, you can be sure your money is safe no matter how much you deposit or withdraw from your bank account.
This piece will discuss: how to use the RAAST payment system. We will also share the pros of using this digital transaction system.
To encourage the use of digital financial services in the nation, SBP has created Pakistan's first instant payment system, known as RAAST. It provides quick, dependable, and cost-free online payment to the citizens of Pakistan. SBP is the exclusive owner of The RAAST system.
With the introduction of RAAST, Pakistan has also joined a select group of nations that have either used or are developing instant payment systems.
A RAAST person-to-person P2P payment system is now being introduced by SBP.
Due to RAAST P2P financial transactions services, bank customers would be able to deposit and receive money into their wallets via their bank's mobile application.
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The RAAST Instant Payment System was created to provide general customers, shops, Businesses, and financial companies with many advantages. Its primary goals also include reducing high transaction costs and doing away with shortcomings in digital payment processes.
The instant payment system by RAAST enables you to securely send money to any recipient with only their mobile phone number and then authenticate the transaction via a video call.
It is better than other systems because it allows you to keep a check on your transactions.
It also eliminates many potential security vulnerabilities by not relying on SMS as its primary means of communication.
With this service, you don't have to give out your bank account information or a real name which can be important if someone wants to start being malicious.
The service has already made waves in the Pakistani financial scene because people are starting to trust it more now that they know that their privacy will be protected.
Also, it has become one of the best ways to make international payments without dealing with high transfer fees from banks.
RAAST would make computerized components accessible to clients of any financial institution via one of these channels by enabling all monetary organizations to engage with one another.
Costs Associated With End-Client User Transfer:
To make auto pay accessible to end customers of all financial companies, RAAST is developing a cost-cutting strategy.
Customer-focused innovative management
RAAST's cutting-edge frameworks enable financial establishments to create innovative and user-friendly digital installment processes and products.
RAAST provides timely upfront payment for individuals, shippers, businesses, and governmental needs.
Consistent quality and modern security
The security and duplicity identification management system is improved by RAAST. It also uses more secure installments and makes sure that every transaction has the payer's approval.
You can easily register on RAAST by the following methods:
VIA JAZZCASH APP
By following the straightforward instructions for registering your RAAST ID listed below, you can quickly register on RAAST through the JazzCash software.
Open the JazzCash application.
On the main page, select "My Account."
In the “My Account menu”, choose "RAAST ID Management."
Check your IBAN and mobile numbers, and click the "Create RAAST ID" icon.
Your RAAST ID will be successfully established.
VIA JAZZCASH USSD
You can easily register on RAAST by phoning *786# or by following the easy instructions below for establishing your RAAST ID.
Put *786# into your phone's dialing pad.
From the JazzCash options menu, choose the (6) "My Account" option.
From the "My Account" menu, choose "RAAST ID Management" (5).
Review your contact information and click submit after choosing the (1) "Create your RAAST ID" option in Step 4.
Your RAAST ID will be registered.
Visit the bank's website or install the smartphone application for your bank to access online banking.
Use your user ID to sign in.
Select "RAAST" from the menu.
Register and fill out the necessary information to connect your credit card with RAAST.
However, if you don't have an android or internet access, you can visit the branch of your local bank to ask for assistance from staff members using the RAAST Instant Payment Method.
It is a basic identification that you link to your bank account (at the moment, a phone number). You can now exchange your RAAST ID with people and start receiving money in your connected account instead of providing bank account details.
How To Use Raast For Payment Transfer?
The JazzCash app now allows you to send money to other RAAST IDs or IBANs by performing these easy steps.
Open the JazzCash application.
Click the "RAAST" icon after choosing the "Send Money" option.
Enter an IBAN or RAAST ID to transmit money via RAAST.
Input the sum of money you want to send.
State the reason for the fund transfer.
Type the recipient's phone number so that they can receive an SMS about the fund transfer.
Examine your transactional information and choose "Confirm"
Write your four-digit MPIN.
Payment will be transferred successfully
Log in to the website or mobile application of your bank.
Select "RAAST" from the menu.
Choose "RAAST Fund Transfer/Payment" from the menu.
Lastly, include the beneficiary's information and the amount.
What Is The Raast Payment Limit?
You can transfer up to Rs. 200,000 through RAAST in a single transaction.
What Are The Raast Payment Charges?
RAAST offers a no-fee, instantaneous way to send money without charging any other fees.
Here comes an end to our detailed guide on this innovative digital and affordable transaction system.
With the knowledge provided above, you may now use the RAAST Instant Payment System to try out a new financial service.
RAAST offers a truly instant way to pay your friends and family from your phone, with no need for cash or cards. You can quickly transfer money or do an instant top-up for someone else on your RAAST contact list.