The current financial industry transformation in Pakistan has resulted in digital payments replacing conventional payment methods as standard operations. The State Bank of Pakistan (SBP) established Raast ID as a unique payment identifier through which users can conduct mobile number-based transactions instead of using complex bank account information for faster, safer, and more convenient transactions.

The Raast payment system includes Raast ID as its core component, which promotes financial inclusivity while speeding up digital money transfers across Pakistan. This article describes the functionality of Raast ID, how it works, and the steps for creating a new one.

What is Raast ID?

The Raast ID payment solution enables individuals and organizations to perform immediate bank deals through mobile phone numbers linked to financial accounts. Users can make instant payments through Raast ID by using their mobile phone number rather than typing in IBANs.

Raast ID is designed to provide easier, more secure, and more accessible digital banking services throughout Pakistan. It offers instant, free transactions that operate without interruption throughout the day.

Key Features of Raast ID

• Instant Transactions: Transactions can be made instantly through the Raast process without causing any delays in the payment process.
• No Transaction Fee: Raast’s payment service operates without any fees, resulting in economical transactions for users.
• Secure and Regulated: The payment system operates under the supervision of SBP, offering maximum security alongside defined standards.
• Universal Compatibility: Works with all major banks and digital wallets in Pakistan.
• User Friendly: The system provides user-friendly features by substituting IBANs with mobile numbers to make transactions.
• 24/7 Availability: The service functions across all hours from Sunday to Saturday during public vacation days.

How to Create Raast ID?

Customers must establish Raast ID registration by accessing mobile or internet banking or visiting a bank branch. The step-by-step process is below.

Step 1: Log in to Your Bank’s Digital Platform

• Start the process by logging in to your mobile banking application or by accessing Internet banking.
• Digital banking users should enable it directly at the bank, while non-users need to register through their respective banks.

Step 2: Locate the Raast ID Registration Option

• Move to the “Raast” section on the menu.
• Select “Register Raast ID” or a similar option that is available in your bank’s interface.

Step 3: Enter Your Mobile Number

• You need to enter the mobile number linked to your bank.
• The phone number linked to your bank needs to be currently active.

Step 4: Select the Bank Account to Link

• Select the bank account which should serve as your primary recipient for funds transfers.
• A single account linked as your default account will receive all incoming transactions.

Step 5: Verify via OTP

• Your phone receives an OTP (One-Time Password) through the registration mobile number.
• Verification can be completed by entering the OTP received.

Step 6: Confirmation and Activation

• The verification process ends successfully with an official confirmation message.
• The Raast ID activation process is complete, so you can begin using it to make quick payments.

How to Use Raast ID for Payments?

Once you are registered, you can use your Raast ID to make a seamless money transfer. Here’s how:

Sending Money via Raast

1. Open your bank’s application or e-wallet application.
2. Select Send Money and choose Raast Transfer among the options.
3. Enter the recipient’s Raast ID (mobile number)
4. Enter the amount and confirm your payment

Receiving Money via Raast

1. Inform the sender to use your Raast ID, which consists of your mobile number, for the payment.
2. The sender performs fund transfers through Raast.
3. The money is credited to your linked bank account instantly.

Unlink or Update Raast ID

• To change your linked account, you should visit your bank’s app to access the Raast settings.
• A deactivate option for Raast ID is available through the system if required.

Benefits of Using Raast ID

• Free Transactions: Raast operates entirely free of cost, making it more economical for everyone.
• Faster Payments: Transactions are processed instantly without any delay or processing.
• Easy to Use: Users require no memory of IBANs or additional bank details when utilizing Raast ID.
• Secure System: Raast operates under the protection of the State Bank of Pakistan to deliver top-level security measures.
• Accessible Anywhere: Works across different banks and digital wallets.

Unlock Hassle-Free Finances with Sidekick!

Complex FBR regulations can create a lot of hassle and problems for individuals. Partnering with Sidekick enables you to simplify finances while receiving tax expert counseling. Sidekick provides the most effective services for handling tax-related queries and problems. 

Final Thoughts

Raast ID represents a crucial development that advances digital financial inclusion throughout Pakistan. It provides a payment system to simplify all kinds of money transfers, boost accessibility and security, and reduce costs for users who are individuals, freelancers, and business owners.

Since Raast registration is an opportunity to establish your Raast ID, you should take action to start making immediate digital payments. Users need to log into their bank’s internet banking platform or mobile application to finish the registration process.