In this article, I will guide you about opening a RAAST Account. Raast is Pakistan’s Instant Payment System created by the State bank of Pakistan with the collab of the Bill & Melinda Gates Foundation. So if you are searching for how do I open a RAAST account, here is the answer.
Raast is Pakistan’s first instant payment system, allowing people, corporations, and government bodies to make end-to-end digital payments in real-time. In addition, the state-of-the-art Pakistan Faster Payment System will settle small-value retail payments in real-time.
While also allowing all players in the financial industry, including commercial banks, microfinance institutions, government agencies, and fintech, to have affordable and universal access.
Low banking penetration, lack of confidence and awareness of digital payment systems, limited interoperability, poor accessibility, and high transaction costs have contributed to Pakistan’s everyday electronic transactions.
Pakistan’s Real Time Gross Settlement System (RTGS) only allows large-value and corporate transactions to be settled instantly. Raast: Pakistan’s Instant Payment System will significantly improve the efficiency of retail payment settlements.
How do I Open a RAAST Account?
For opening a RAAST Account, you need to link your existing bank account or mobile banking app with Raast.
Two methods to Open RAAST Account
- With your Mobile Banking App
- By Visting Bank Branch
1: Open RAAST Account With Mobile App
If you have a bank account and have enabled mobile banking, your bank will add this option to your bank app; with this option, you can link your bank account to RAAST. After connecting, your mobile number will be your RAAST Account ID.
Your mobile number will be your account number. In the future, You can send or receive money or remittance by giving your mobile except your long bank account number.
2: Open RAAST Account By Visting Bank Branch
If you have a bank account but don’t have enabled web banking or mobile banking. Then you have to visit your related bank branch. Where you have your bank account.
