Tuesday, August 9, 2022

Raast Instant Digital Payment Method | What is Raast Id & Its benefits?

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As World is become advance day after day, new Inventions are Made everyday to make our Life Easier than before. As the People is adopting modern Lifestyle, the bank Sector has also change its working mechanism from manual to automatic and making banking Process easier for its Customers. The Government of Pakistan and State Bank of Pakistan has Launched the Raast Instant Digital Payment Method to Provide Quality and Safe Banking Service to Pakistani.

In today Post, we will discuss in detail about the Raast Payment ID, How to get Raast Instant Payment ID, Raast Service Charges, How to apply for Raast Instant Payment ID, Benefits of getting Raast Digital Payment , How to transfer Payment using Raast ID and much more about the SBP Raast Instant Payment Method.

Keeping in views the Difficulties faced by the Small business men, Freelancer in receiving and Transferring their amount, Managing their Accounts and tax. State Bank of Pakistan has Launched the Raast Instant Payment ID For startups, freelance markets and small online businesses for financial operations without any transaction charges.

What is Raast ID?

Raast Instant Payment ID is Just your Mobile Number that you can use for doing Banking Transaction instead of using your Bank IBAN For Transaction. You have to Just Link Your Mobile Number with your Bank Account To use Your Mobile Number as a Raast Instant Payment ID.

Eligibility Criteria For Raast ID

  • Any Person who want to create Raast Instant Payment ID For Receiving & transferring Funds Should have a bank account in any Pakistani Bank like HBL, UBL, MCB etc.
  • Candidates must have Registered Mobile Number on his/her CNIC For Using it as Raast ID.
  • Each Can have Only one Raast ID . He/she can link his/her all bank accounts with that One Mobile Number.
  • For any Changes, Person can visit the Respective Bank to make unlink bank account From Raast Payment ID.

How to apply for Raast Instant ID?

Creating of Raast ID is not so much Compulsory , it is only few Simple Step by Step Procedure as explained below.

  • You Need a Smart Phone/Laptop and Internet Connection For generating Raast Payment ID.
  • Download the Banking’ App in Your Mobile or Respective bank’s website in which you have bank Accounts.
  • Login to Your Banking Account.
  • Click on the “Raast” option.
  • Fill out the details and register to link your bank account with Raast.

If You face any Problem , You can Contant Your Bank Helpline or Visit Your Bank For Creating of Raast ID.

Transferring & Receiving Payment via Raast ID

Raast Instant Payment has Made the Funds transfer easy for its Customer from one Bank to Account to other Person.

  1. Log in to your bank’s mobile application or website portal
  2. Click the “Raast” option 
  3. Select the “Raast Fund Transfer/Payment” option.
  4. Enter beneficiary details (IBAN/mobile number) with the amount.
  5. Proceeds for payment transfer.

Advantages of Raast Instant Payment System

  • There are no transaction charges at the moment.
  • Transfer of payment to all commercial banks.
  • Instant money transfer service 
  • Secured system
  • Modes of transferring the payment are USSD service, internet banking, mobile banking, banks’ branches, and ATMs for P2P (Person To Person) via 1link service. 
  • One platform for all the regulatory authorities and users of digital payment. 
  • Bank to bank, bank to governmental bodies, bank to consumers, and vice versa for payment transfer service.
  • Enables all the domestic transfers of payments.

Conclusion

After reading the post about the Raast Id Creation, Fund Transfer through Raast ID , and also its benefits. It is service that can help you send payments to your relatives or clients without any worries and transactional costs.

How do I install the raast app?

There is no specific Raast App Available on Internet. It is Instant Payment Id that can be used for transferring Funds and Money from one Account to other.

What is raast limit?

RAAST funds transfer limit is upto Rs. 200,000 per transaction.

How do I open a raast account?

Login into Your Bank Account
Search for Raast Instant Payment.
Link Your Mobile Number
Your id is Ready.

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