RAAST transfer is an initiative by the State Bank of Pakistan (SBP) enabling instant, secure, and convenient digital payments using a RAAST ID (typically a mobile phone number) instead of traditional bank account details.
Essentially, RAAST simplifies fund transfers by allowing you to send money to anyone who has linked their RAAST ID to their bank account. This eliminates the need to remember and share lengthy account numbers, making transactions quicker and easier.
Here's a breakdown:
-
RAAST ID: This is usually your mobile phone number registered with your bank and linked to your bank account. Think of it as a simplified, easy-to-remember alias for your account number.
-
How it works:
- The sender initiates a transfer using the recipient's RAAST ID (mobile number).
- The RAAST system identifies the recipient's linked bank account.
- The funds are transferred instantly and securely.
-
Benefits of using RAAST:
- Convenience: No need to remember or share lengthy account numbers.
- Speed: Transfers are instant.
- Security: Transactions are processed through a secure platform.
- Accessibility: Available to anyone with a bank account and a mobile phone.
RAAST aims to promote financial inclusion by making digital payments more accessible and convenient for everyone. It is a significant step towards a cashless economy in Pakistan.
