What is a Raast ID and it's benefits

Introduction:

Raast ID is a unique identifier assigned to individuals and businesses in Pakistan for the purpose of financial transactions. It is a part of the Raast payment system, which is a modern payment infrastructure designed to facilitate instant and secure digital payments in Pakistan.

The Raast ID is a 12-digit number that is linked to an individual's or business's bank account. It enables seamless transfer of funds between different banks and payment service providers in Pakistan. The Raast ID is designed to be easy to remember and can be shared with others for the purpose of receiving payments.

To obtain a Raast ID, individuals and businesses in Pakistan need to register with the Raast payment system and link their bank account to the system. The registration process involves providing personal and financial information and completing a Know Your Customer (KYC) verification process. Once registered, the individual or business is assigned a unique Raast ID, which can be used for all their financial transactions.

The Raast payment system was launched in April 2021 by the State Bank of Pakistan, which is the central bank of the country. The system is part of the government's efforts to modernize the country's financial infrastructure and promote financial inclusion.

The Raast payment system enables individuals and businesses to make instant, secure, and low-cost digital payments. It is built on modern technology and standards, such as ISO 20022 messaging and digital signatures, which ensure the authenticity and integrity of transactions.

In addition to the Raast ID, the Raast payment system also uses other unique identifiers, such as the International Bank Account Number (IBAN) and the Business Identifier Code (BIC), to facilitate cross-border transactions. The system also supports different payment types, including person-to-person (P2P), person-to-merchant (P2M), and merchant-to-merchant (M2M) payments.

The Raast payment system is expected to benefit individuals and businesses in Pakistan in many ways, such as by reducing transaction costs, increasing transaction speed and security, and promoting financial inclusion. It is also expected to support the country's economic growth by enabling faster and more efficient payments.

the efforts of the regulator (State Bank of Pakistan) to promote financial inclusion and a further shift towards digital payments in the country. The regulator has introduced Raast, a digital payment system, to facilitate peer-to-peer (P2P) payments and is also planning to launch bulk payments and person-to-merchant payments in the future.

The growth of digital payments has been significant since the onset of the COVID-19 pandemic, which led to the temporary waiving of interbank funds transfer (IBFT) charges. Mobile and internet banking transactions combined reached Rs10.6 trillion in 2020-21, up from Rs4.7 trillion the previous year, indicating a shift towards digital payments.

However, paper transactions still dominate in terms of total value, with a value of Rs151.6 trillion, which is much larger than the aggregate of e-banking. This highlights the potential for further digitization in the country.

The first phase of Raast, bulk payments, was launched in 2021, and over 30 banks are onboard. Unfortunately, little data is available on the volume and value of bulk transactions, making it difficult to assess the uptake of the service. The second phase, P2P payments, is already operational, while the third phase, person-to-merchant payments, is yet to be launched.

In summary, the regulator hopes that Raast will promote financial inclusion and encourage the adoption of digital payments, which have seen significant growth since the onset of the COVID-19 pandemic. The introduction of bulk payments and person-to-merchant payments is expected to further accelerate the shift towards digital payments in Pakistan.

How to create the Raast ID?

To create a Raast ID, you need to follow these steps:

Visit the Raast website: Go to the Raast website at https://www.raast.com.pk and click on the "Register" button.
Select your registration type: Select whether you want to register as an individual or a business.
Provide personal or business information: Fill out the registration form with your personal or business information, including your name, address, email, and phone number.
Verify your identity: Complete the KYC verification process by providing a copy of your national identity card (NIC) or passport, as well as other required documents.
Link your bank account: Link your bank account to your Raast ID by providing your bank account details, such as your account number and bank branch code.
Receive your Raast ID: Once your registration is complete and your bank account is linked, you will receive your Raast ID, which is a 12-digit number. You can use this Raast ID to make and receive digital payments through the Raast payment system.

It is important to note that the registration process for Raast ID may vary depending on whether you are registering as an individual or a business, and may also depend on the policies and procedures of your bank. It is recommended to check with your bank or visit the Raast website for more information on how to create a Raast ID.

How to de-link or Cancel raast ID?

If you want to de-link or Remove your Raast ID from your bank account, you should contact your bank's customer support team or visit the nearest branch. The process may vary depending on the bank, but they will guide you through the necessary steps to de-link your Raast ID from your account. OR

If you have access to the Raast ID Management section on your mobile app or online banking portal, you may be able to de-link your Raast ID from your bank account by following these steps:

Open the Raast ID Management section in your mobile app or online banking portal.
Select the "De-link" tab.
Find the bank account that you want to de-link and switch the toggle to the "off" position.
Confirm the action and follow any additional prompts or instructions.

Note that the process may vary depending on the mobile app or online banking portal you are using. If you are unable to de-link your Raast ID using these steps, you can contact your bank's customer support team for further assistance.

It is worth noting that de-linking your Raast ID will disable your ability to use the Raast digital payment system. Therefore, make sure that you have alternative payment options available before proceeding with the de-linking process.

Raast person to person (p2p)?

Raast person-to-person (P2P) payments enable individuals to transfer money directly to another individual's bank account in Pakistan in a fast, secure, and low-cost manner. P2P payments are a type of digital payment made through the Raast payment system, which is a modern payment infrastructure designed to facilitate instant and secure digital payments in Pakistan.

To make a Raast P2P payment, you need to have a Raast ID and the Raast mobile app, which is available for download from the Google Play Store and the Apple App Store. Once you have downloaded the app and registered for a Raast ID, you can follow these steps to make a P2P payment:

Open the Raast mobile app: Open the Raast mobile app on your smartphone.
Select "Send": Select the "Send" option on the home screen of the app.
Enter the recipient's Raast ID: Enter the recipient's Raast ID, which is a 12-digit number.
Enter the payment amount: Enter the payment amount in Pakistani Rupees (PKR).
Add a message (optional): You can add a message to the payment if you want to.
Confirm the payment: Confirm the payment details and click on the "Send" button to initiate the payment.

The recipient will receive the payment in their bank account linked to their Raast ID in a matter of seconds. The Raast P2P payment system is designed to be secure and convenient, with instant confirmation of successful payments. Additionally, the Raast P2P payment system has a low transaction cost compared to traditional payment methods such as cash or cheques.

How do I find my Raast ID?

You can find your Raast ID by following these steps:

Open the Raast mobile app: Open the Raast mobile app on your smartphone.
Click on "My Raast ID": Click on the "My Raast ID" option on the home screen of the app.
Your Raast ID will be displayed: Your Raast ID, which is a 12-digit number, will be displayed on the screen.

If you are not able to find your Raast ID through the mobile app, you can also contact your bank or visit the Raast website at https://www.raast.com.pk for more information. Your Raast ID is an important piece of information that is required to make and receive digital payments through the Raast payment system, so it's important to keep it safe and secure.

Raast ID already exists.

If you are trying to create a Raast ID and receive an error message saying that the Raast ID already exists, it is possible that someone else has already registered with the same Raast ID. In this case, you will need to choose a different Raast ID that is unique and not already registered with the Raast system.

To create a unique Raast ID, you can try using a combination of letters, numbers, and special characters. Raast IDs can contain between 6 and 32 characters and can include underscores, hyphens, and periods. You can also try using a variation of your name or a unique identifier that is easy for you to remember.

If you continue to have difficulty creating a Raast ID, you can contact the Raast customer support team for assistance. They can provide additional guidance and help you resolve any issues that may be preventing you from creating a Raast ID.

How to delete raast id

If you want to delete your Raast ID, you can follow these steps:

Open the Raast app or log in to your online banking portal.
Go to the Raast ID Management section.
Find the Raast ID that you want to delete and select it.
Select the "Delete" option and confirm the action.
Follow any additional prompts or instructions to complete the process.

Note that once you delete your Raast ID, you will no longer be able to use it for digital payments. Also, deleting your Raast ID will not automatically close your bank account. You will need to contact your bank separately if you want to close your bank account.

If you encounter any issues while trying to delete your Raast ID, you can contact the Raast customer support team or your bank's customer support team for assistance.

How to check Raast ID linked account

If you want to check which bank account is linked to your Raast ID, you can follow these steps:

Open the Raast app or log in to your online banking portal.
Go to the Raast ID Management section.
Find the Raast ID that you want to check and select it.

You should be able to see the bank account that is linked to your Raast ID in the information section.

Alternatively, you can contact your bank's customer support team and ask them to confirm which bank account is linked to your Raast ID. They may ask you to provide some information to verify your identity before disclosing this information.

It is important to keep your Raast ID and linked bank account information up-to-date to ensure smooth digital payments through the Raast system. If you need to update or change the bank account linked to your Raast ID, you can contact your bank's customer support team for assistance.

Download Raast App

To download the Raast app, you can follow these steps:

Open the Google Play Store or Apple App Store on your mobile device.
Search for "Raast" in the search bar.
Select the Raast app from the search results.
Tap the "Install" button to download and install the app on your device.
Once the app is installed, open it and follow the on-screen instructions to set up your account and link your bank account.

Note that the Raast app is currently only available for download in Pakistan. If you are located outside of Pakistan, you may not be able to download the app. In this case, you can use other digital payment platforms available in your country to make digital payments.

Also, before downloading the app, make sure that your device meets the minimum system requirements for the Raast app. This information can be found in the app description in the Google Play Store or Apple App Store.

Raast payment charges

The State Bank of Pakistan has set the Raast payment charges for digital transactions. Here are the details of the charges:

Person-to-Person (P2P) payments: Free of charge for all transactions.
Person-to-Merchant (P2M) payments: Merchants will be charged a flat fee of PKR 1 per transaction for receiving payments through Raast. Customers will not be charged any fee for making P2M payments.
Bill Payments: Bill payment transactions through Raast are currently free of charge.

It is important to note that while Raast transactions may be free of charge, your bank may still charge you a fee for using their digital banking services. You should check with your bank to see if they charge any fees for digital transactions.

The State Bank of Pakistan may revise the Raast payment charges from time to time based on market conditions and other factors. You should check with the Raast website or your bank's website for the latest information on Raast payment charges.

Raast payment limit per day

The daily transaction limit for Raast payments depends on the type of transaction and the bank's policies. Here are the details of the transaction limits for Raast payments:

Person-to-Person (P2P) payments: The maximum transaction limit for P2P payments through Raast is PKR 500,000 per transaction.
Person-to-Merchant (P2M) payments: The maximum transaction limit for P2M payments through Raast is PKR 50,000 per transaction.
Bill Payments: The transaction limit for bill payments through Raast depends on the policies of the biller and the bank. Some billers may have a maximum transaction limit, while others may not.

It is important to note that your bank may have its own policies and limits on Raast transactions. You should check with your bank to see if they have any additional limits on Raast transactions.

Also, the State Bank of Pakistan may revise the transaction limits for Raast payments from time to time based on market conditions and other factors. You should check with the Raast website or your bank's website for the latest information on Raast transaction limits.

Raast id code

A Raast ID code is a unique identifier that is assigned to each Raast user when they register for a Raast account. This code consists of a 9-digit number that is used to identify the user's Raast account.

You can find your Raast ID code in the Raast app by following these steps:

Open the Raast app on your mobile device.
Go to the "My Account" section of the app.
Your Raast ID code will be displayed on the top of the screen.

You can share your Raast ID code with others to receive payments or to link your Raast account to other services.

What is the Transfer Limit of Raat ID?

The transfer limit for Raast person-to-person (P2P) payments depends on the policies and procedures of your bank, as well as the type of account you have linked to your Raast ID. However, the State Bank of Pakistan has set a limit of PKR 500,000 per transaction for Raast P2P payments, which is the maximum amount that can be transferred in a single transaction.

It's important to note that your bank may have its own limits for Raast P2P payments, which may be lower than the maximum limit set by the State Bank of Pakistan. Additionally, there may be daily, weekly, or monthly transaction limits that apply to Raast P2P payments. It's recommended to check with your bank or visit the Raast website at https://www.raast.com.pk for more information on the transfer limits for Raast P2P payments.

It's also important to remember that Raast P2P payments are designed to be an affordable and convenient way to transfer small amounts of money. If you need to transfer a large amount of money, it may be more appropriate to use other payment methods such as a bank wire transfer or a cheque.

Raast ID helpline:

If you are facing any issues related to your Raast ID, you can contact the Raast helpline for assistance. The Raast helpline can provide you with information and support related to your Raast ID, including how to create a Raast ID, how to link your bank account to your Raast ID, and how to make and receive digital payments using Raast.

You can contact the Raast helpline through the following channels:

Phone: You can call the Raast helpline at 021-111-727-827 (RAAST).

Email: You can email the Raast helpline at info@raast.com.pk.

Live chat: You can use the live chat feature on the Raast website at https://www.raast.com.pk.

When contacting the Raast helpline, be sure to provide as much information as possible about your issue or query. This can help the Raast support team to provide you with more accurate and timely assistance. Additionally, it's important to keep your Raast ID and other personal information secure and not to share it with anyone who claims to be from the Raast helpline, as this could be a scam.

Raast User Guide:

Raast is a digital payment system in Pakistan that allows individuals and businesses to make and receive instant, secure, and affordable digital payments. If you are new to Raast or want to learn more about how to use the platform, here's a quick user guide:

Download the Raast mobile app: The first step is to download the Raast mobile app from the Google Play Store or the Apple App Store. The app is free and available for both Android and iOS devices.
Create a Raast ID: Once you have downloaded the app, you can create a Raast ID by providing your personal and contact information. You will also need to verify your mobile number and provide a valid National Identity Card (NIC) or Computerized National Identity Card (CNIC).
Link your bank account: After creating your Raast ID, you need to link your bank account to your Raast ID. This can be done through the Raast app by providing your bank account details.
Add money to your Raast account: Once your bank account is linked, you can add money to your Raast account by transferring funds from your linked bank account.
Make a payment: To make a payment through Raast, select the "Send" option on the app and enter the recipient's Raast ID or mobile number. Enter the payment amount and confirm the transaction.
Receive a payment: To receive a payment through Raast, provide your Raast ID or mobile number to the sender. Once the payment is made, the funds will be instantly credited to your Raast account.
Check your transaction history: You can view your transaction history on the Raast app to keep track of your payments and transfers.
Contact Raast helpline: If you have any issues or queries related to Raast, you can contact the Raast helpline at 021-111-727-827 (RAAST) or email at info@raast.com.pk for assistance.

By following these steps, you can start using Raast to make and receive digital payments in Pakistan. Raast is designed to be fast, secure, and affordable, and can help promote financial inclusion and support the country's economic growth.

How to link it with a bank?

To link your bank account with your Raast ID, you can follow these steps:

Open the Raast mobile app on your smartphone.

Tap on the "Link Bank Account" option on the home screen.

Select your bank from the list of available banks.

Enter your bank account number and other required details, such as the name on the bank account, the bank's branch code, and your account type.

Confirm your details and submit your request.

You will receive a one-time password (OTP) on your registered mobile number. Enter the OTP to verify your bank account.

Once your bank account is verified, it will be linked to your Raast ID. You can then add money to your Raast account and make digital payments.

Note that the steps may vary slightly depending on the version of the Raast app you are using. If you have any issues or queries related to linking your bank account with your Raast ID, you can contact the Raast helpline for assistance.

Important Points about Raast ID:

Raast is a digital payment system in Pakistan that operates under the supervision of the State Bank of Pakistan, the country's central bank. It is designed to provide a secure, efficient, and affordable way to make and receive digital payments, and is backed by the full faith and credit of the State Bank of Pakistan.

Raast has been built using state-of-the-art technology and security features to ensure that it is a safe and reliable platform for digital payments. It uses advanced encryption and authentication protocols to protect user data and transactions, and employs a range of measures to prevent fraud, money laundering, and other financial crimes.

Raast has been developed in collaboration with a range of stakeholders, including banks, fintech companies, and government agencies, to ensure that it meets the needs of all stakeholders and supports Pakistan's economic growth and financial inclusion goals.

While no payment system is entirely risk-free, Raast is designed to be a trustworthy and dependable platform for digital payments in Pakistan. If you have any concerns or issues related to Raast, you can contact the Raast helpline for assistance.

Pros and cons

Like any payment system, Raast has its own set of pros and cons. Here are some of the main advantages and disadvantages of using Raast:

Pros:

Fast and convenient: Raast enables instant and hassle-free digital payments, making it a quick and convenient payment system for users.
Low transaction costs: Raast offers low transaction fees for digital payments, which makes it an affordable payment system for individuals and businesses.
Secure: Raast is designed with advanced security features to protect users' data and transactions, including encryption and authentication protocols.
Financial inclusion: Raast is designed to support financial inclusion by enabling digital payments for people who may not have access to traditional banking services.

Government support: Raast is backed by the State Bank of Pakistan, which provides regulatory oversight and support for the payment system.

Cons:

Limited coverage: Raast is a relatively new payment system, and its coverage is currently limited to a small number of banks and financial institutions.
Limited adoption: Raast may not be widely adopted by all merchants and businesses in Pakistan, which can limit its usefulness for some users.
Connectivity issues: Raast is dependent on internet connectivity, which can be a problem in areas with poor internet infrastructure or during network outages.
Verification requirements: To use Raast, users are required to provide personal and bank account details, which can be a barrier for some users who may be hesitant to share their information.
Mobile phone dependency: Raast is primarily designed for use on mobile devices, which can be a limitation for users who do not have smartphones or reliable access to mobile networks.

Overall, Raast offers several benefits as a fast, secure, and affordable payment system, but it may not be suitable for all users depending on their needs and preferences.

Contact us:

To contact Raast, you can use the following methods:

Raast Helpline: You can call the Raast helpline at 042-111-727-278 or send an email to support@raast.pk for assistance with any issues related to the Raast digital payment system.
Raast Website: You can visit the Raast website at www.raast.pk for more information about the payment system, including FAQs, news, and updates.
Raast Mobile App: If you have the Raast mobile app, you can use the in-app support feature to contact Raast support for assistance with any issues or queries.
Social Media: You can also follow Raast on social media platforms such as Facebook, Twitter, and LinkedIn to get the latest news and updates about the payment system.
Mail: If you prefer to contact Raast by mail, you can send your correspondence to the following address: Raast Payments Limited, 22nd Floor, Arfa Software Technology Park, Ferozepur Road, Lahore, Pakistan.

Features:

Raast offers several features that make it a convenient and efficient payment system for individuals and businesses in Pakistan. Some of the key features of Raast include:

Instant Payments: Raast offers real-time, instant payments that are processed within seconds. This means that users can send and receive money quickly and conveniently, without having to wait for hours or days for their transactions to be completed.
Low Transaction Fees: Raast offers low transaction fees for users, making it a cost-effective payment system for individuals and businesses in Pakistan. This is particularly useful for small businesses that may not have the budget to pay high fees for payment services.
Secure Transactions: Raast is designed with advanced security features that protect users' data and transactions from fraud and cyber threats. This includes encryption and other security measures to ensure that users' personal and financial information is kept safe.
Multiple Payment Options: Raast offers multiple payment options, including person-to-person (P2P) transfers, merchant payments, and bill payments. This makes it a versatile payment system that can be used for a wide range of transactions.
Wide Coverage: Raast is supported by multiple banks and financial institutions in Pakistan, making it accessible to a large number of users across the country.
User-Friendly Interface: Raast offers a user-friendly mobile app and web interface that makes it easy for users to send and receive money, track their transactions, and manage their accounts.
Government Endorsement: Raast is a government-supported payment system that is part of Pakistan's National Payment System (NPS), which is overseen by the State Bank of Pakistan. This provides users with additional confidence and assurance that the payment system is reliable and trustworthy.

How to Use:

To use Raast, you need to follow the following steps:

Create a Raast Account: To use Raast, you need to create a Raast account. You can do this by visiting the Raast website or downloading the Raast mobile app from the app store on your device. Once you have downloaded the app, follow the instructions to create an account.
Link Your Bank Account: After you have created a Raast account, you will need to link it to your bank account. To do this, select the bank that you have an account with and enter your bank account details.
Verify Your Account: Once you have linked your bank account to Raast, you will need to verify your account by providing additional information such as your name, address, and national identity card (NIC) number.
Add Money to Your Raast Wallet: Once your account is verified, you can add money to your Raast wallet by transferring funds from your bank account to your Raast wallet. You can do this using the Raast mobile app or website.
Send or Receive Money: Once you have funds in your Raast wallet, you can use the system to send or receive money from other Raast users. To send money, you will need to enter the recipient's Raast ID and the amount you wish to send. To receive money, you will need to provide your Raast ID to the sender.
Check Your Transaction History: You can check your transaction history in the Raast mobile app or website to see all of your past transactions and the status of each transaction.

It's important to note that different banks and financial institutions may have their own specific requirements or processes for using Raast, so it's always a good idea to check with your bank or the Raast support team if you have any questions or issues.

Comprehensive Guide to Use:

Here is a comprehensive guide on how to use Raast for sending and receiving money in Pakistan:

Create a Raast account: You can create a Raast account by visiting the Raast website or downloading the Raast mobile app from the app store on your device. Once you have downloaded the app, follow the instructions to create an account.

Link your bank account: After you have created a Raast account, you need to link it to your bank account. To do this, select the bank that you have an account with and enter your bank account details.

Verify your account: Once you have linked your bank account to Raast, you will need to verify your account by providing additional information such as your name, address, and national identity card (NIC) number.

Add money to your Raast wallet: Once your account is verified, you can add money to your Raast wallet by transferring funds from your bank account to your Raast wallet. You can do this using the Raast mobile app or website.

Send money: To send money using Raast, follow these steps:

Open the Raast mobile app or website and log in to your account.
Click on the "Send Money" option.
Enter the recipient's Raast ID and the amount you wish to send.
Review the transaction details and confirm the transaction.
The recipient will receive the funds instantly.

Receive money: To receive money using Raast, follow these steps:

Provide your Raast ID to the sender.
The sender will initiate the transaction from their Raast account by entering your Raast ID and the amount they wish to send.
You will receive the funds instantly in your Raast wallet.
Check transaction history: You can check your transaction history in the Raast mobile app or website to see all of your past transactions and the status of each transaction.

Raast ID FAQs:

Here are some frequently asked questions (FAQs) about Raast:

What is Raast?

Raast is a digital payment system in Pakistan that enables individuals and businesses to make and receive digital payments in a secure, fast, and affordable way.

How does Raast work?

Raast works by linking users' bank accounts to their Raast IDs, which can then be used to send and receive digital payments to and from other Raast users.

What are the benefits of using Raast?

The benefits of using Raast include fast and convenient digital payments, low transaction costs, advanced security features, and support for financial inclusion.

How do I sign up for Raast?

To sign up for Raast, you need to download the Raast mobile app from the app store, register for a Raast ID, and link your bank account to your Raast ID.

What types of transactions can I make with Raast?

You can use Raast to make person-to-person (P2P) payments, merchant payments, utility bill payments, and other types of digital transactions.

Is Raast secure?

Raast is designed with advanced security features, including encryption and authentication protocols, to protect users' data and transactions.

How do I link my bank account to my Raast ID?

To link your bank account to your Raast ID, you can log in to the Raast mobile app, select the "Link Bank Account" option, and follow the on-screen instructions.

What should I do if I have issues with Raast?

If you have any issues or queries related to Raast, you can contact the Raast helpline for assistance.

Is Raast available in all parts of Pakistan?

Raast is currently available in selected areas of Pakistan, but its coverage is expected to expand in the future.

How much does it cost to use Raast?

Raast charges low transaction fees for digital payments, which makes it an affordable payment system for individuals and businesses.

Can I use Raast to send money internationally?

No, Raast is designed for domestic payments within Pakistan only.

How long does it take for a Raast transfer to be processed?

Raast transfers are usually processed instantly, but the exact processing time may vary depending on factors such as network connectivity and bank processing times.

Can I use Raast to make payments if I don't have a bank account?

No, to use Raast, you need to have a bank account with a participating bank in Pakistan.

What is the maximum amount I can send or receive with Raast?

The maximum amount that can be sent or received through Raast varies depending on the participating bank and the type of transaction. Generally, there is no set limit for person-to-person (P2P) transfers, but there may be limits for other types of transactions such as merchant payments and bill payments.

Is there a fee for signing up for Raast?

No, there is no fee for signing up for Raast. However, there may be transaction fees for using the payment system for certain types of transactions.

Can I use Raast to withdraw cash from an ATM?

No, Raast is not currently available for cash withdrawals from ATMs. It is only used for digital payments.

How do I know if a merchant or biller accepts Raast payments?

You can look for the Raast logo or ask the merchant or biller directly if they accept Raast payments. Additionally, the Raast mobile app may provide a list of participating merchants and billers.

Is my personal and financial information safe with Raast?

Raast is designed with advanced security features to protect users' data and transactions. However, it is important to take necessary precautions to keep your personal and financial information safe, such as using strong passwords and avoiding sharing sensitive information with others.

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Sunday 19 February 2023