KARACHI (our reporter):- The State Bank of Pakistan has issued instructions that will enable Person-to-Person (P2P) fund transfers in the country through Raast, Pakistan’s Instant Payment System developed by the State Bank.

The Raast, an Urdu word which means correct and direct—offers an instant, reliable and zero-cost digital payment system to the people of Pakistan. SBP believes that the launch of Raast P2P service will not only provide a convenient and hassle free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country. SBP has provided an explanatory video on YouTube and SBP’s website that explains to the public in simple terms how to make payments and transfer funds using Raast.

Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking or over the counter services. For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch. Once a customer has set her/his mobile phone number as the Raast ID, others can send money to her/him using her/his mobile phone number without the need to know the account number or any other details. Bank customers can still use Raast service for sending or receiving funds using their IBANs even if they do not have a Raast ID or prefer to use their IBAN.


The SBP has directed all banks to make Raast Person-to-Person fund transfer service available on at least three customer channels including mobile application, internet banking and branch counters. The list of banks that have completed the necessary technological upgrades and other needed preparations and are offering Raast P2P services to their account holders as of today is given below. More banks will start offering Raast P2P services after completing their needed technological upgrades and other preparations to offer Raast P2P. The up-to-date version of the above table will remain available at the SBP’s landing page for Raast and will show the progress of remaining banks to integrate with Raast:

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