Raast
{{Short description|Pakistani instant payment system}}
{{Infobox brand
| name = Raast Instant Payment System
| logo = Raast Logo.svg
| logo_size = 200px
| logo_upright =
| logo_alt = Raast logo
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| producttype = Instant payment system
| currentowner = State Bank of Pakistan
| producedby = State Bank of Pakistan, Karandaaz Pakistan
| country = Pakistan
| introduced = {{Start date and age|2021|01|11|df=y}}
| discontinued =
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| website = {{URL|https://www.sbp.org.pk/dfs/Raast.html}}
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Raast ({{langx|ur|راست}}; {{lit|direct}}) is an instant payment system developed by the State Bank of Pakistan (SBP).{{cite news |title=Pakistan launches its first instant payment system – Raast |url=https://www.app.com.pk/top-news/pakistan-launches-its-first-instant-payment-system-raast-2/ |access-date=7 July 2023 |publisher=Associated Press of Pakistan |date=11 January 2021}} It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.{{Cite web |date=2022-02-15 |title=PM Imran launches digital payment system 'Raast' |url=https://tribune.com.pk/story/2343588/pm-imran-launches-digital-payment-system-raast |access-date=2022-11-29 |website=The Express Tribune |language=en}} It also enables digital payments between banks, businesses, and individuals, offering a free, fast, and reliable person-to-person (P2P) service within Pakistan. Users can conveniently send or receive money using Raast IDs, which are linked to their mobile numbers and bank accounts, making the process seamless and cost-free.{{cite web |title=RAAST PAKISTAN'S INSTANT PAYMENT SYSTEM |url=https://www.sbp.org.pk/dfs/Raast.html |website=State Bank of Pakistan |access-date=7 July 2023}}{{Cite web |last=Dawn.com |date=2022-02-15 |title=PM Imran launches Raast person-to-person instant digital payment system |url=https://www.dawn.com/news/1675214 |access-date=2022-11-29 |website=DAWN.COM |language=en}}{{Cite web |date= 3 February 2022 |title='Raast' – SBP launches Pakistan's first instant payment system |url=https://en.dailypakistan.com.pk/03-Feb-2022/raast-sbp-launches-pakistan-s-first-instant-payment-system |access-date=2022-11-29 |website=en.dailypakistan.com.pk}}{{Cite web |last=Bhatti |first=Rizwan |date=2022-11-23 |title=Digitisation of country's financial landscape highlighted |url=https://www.brecorder.com/news/40210274 |access-date=2022-11-29 |website=Brecorder |language=en}}
History
Raast was launched by then Prime Minister Imran Khan on 11 January 2021. Raast is an initiative led by the State Bank of Pakistan, that received backing from the Bill and Melinda Gates Foundation and Karandaaz Pakistan. It was developed with World Bank assistance.{{cite web|title= Raast Payment System to Revolutionize Transaction Speeds in Pakistani Banking| url=https://propakistani.pk/2021/01/11/raast-payment-system-to-revolutionize-transaction-speeds-in-pakistani-banking/|publisher=ProPakistani}}
Raast began its development in 2018. Bulk/Batch payments (e.g., dividend disbursements
from the SBP CDC) went live in January 2021.{{cite journal |title=Case Study: Pakistan |journal=World Bank Fast Payment Toolkit |date=3 March 2021 |url=https://fastpayments.worldbank.org/sites/default/files/2022-05/Pakistan_RAAST_Case_Study_%20May_2022.pdf |access-date=7 July 2023}}
Raast peer-to-peer was launched in February 2022 to enable person-to-person transactions and facilitate free digital banking.{{cite news |title=PM Imran launches digital payment system 'Raast' |url=https://tribune.com.pk/story/2343588/pm-imran-launches-digital-payment-system-raast |access-date=7 July 2023 |publisher=Express Tribune |date=15 February 2022}}
By the first quarter of FY 2025, Raast platform was being used to settle transactions worth {{PKRConvert|4.79|t}}, with Rs. 4.69 trillion of it being peer-to-peer transfers, up from just {{PKRConvert|100|b}} at the end of FY 2022. {{Cite web|url=https://www.sbp.org.pk/psd/pdf/PS-Review-Q4FY25.pdf|title=Payment Systems Review – Quarter 1 FY25|website=State Bank of Pakistan}}
See also
{{Portal|Pakistan|Banks|Money}}