What is Raast? How to create a Raast ID? A Comprehensive Guide

What is Raast?

Raast is Pakistan’s first instant payment system, allowing people, corporations, and government bodies to make end-to-end digital payments in real time. The state-of-the-art Pakistan Faster Payment System will be utilised to 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 fintechs, to have affordable and universal access (EMIs & PSPs).

Historically, Pakistan had a low level of electronic transactions for a variety of reasons, including low banking penetration, a lack of trust in and understanding of digital payment systems, restricted interoperability, difficult accessibility, and expensive transaction costs. Pakistan’s Real Time Gross Settlement System (RTGS) only allows large-value and corporate transactions to be settled instantly. However, Raast, which is Pakistan’s first Instant Payment System will greatly improve the efficiency of retail payment settlements.

Raast to Address Key Industry Issues Including,

Limited interoperability:

Financial institutions have difficulty connecting to each other because of the lack of central infrastructure.

High cost of digital payments to the end-user:

End users are charged with high fees for transferring funds digitally, thus making digital payments inaccessible for the majority of the population.

Poor user experience:

End-users have to go through a complicated process to make any digital payments.

Lack of security:

Currently available digital payment mechanisms do not render sufficient data protection and authentication.

However, with the launch of Raast, all of these aforementioned issues are addressed.

After the widespread launch of Raast in the country, many people want to make a Raast ID that would allow them to receive payments on their mobile phone numbers. However, many still can’t figure out how to create a Raast ID. Well, they don’t need to worry as we are going to tell you a very simple method to create a Raast ID via bank account.

How to create a Raast ID?

We are going to create a Raast ID through the Meezan Bank Internet Banking. Though you can also use other banks as well and the method is almost the same. So follow the below-mentioned steps to create a Raast ID.

• First login to Meezan Internet Banking using your credentials.

• After you have logged in, you will be seeing ‘Raast Payment’ option at the left side of the interface. Click on it.

• Now you will be seeing an option of ‘Register your Raast ID’ as highlighted in the given image.

• Afterward, you will have to enter your desired mobile phone number and click on ‘Register Raast ID.’

• After clicking, your Raast ID would be successfully created and now you will be able to receive payments on your mobile number.

Final Words:

After following the aforementioned guide, you will be able to create your Raast ID. If you like our article or have any queries regarding them, do mention them in the comment section!

Check out? PM Imran Khan Launches “Raast”: A Fast Digital Transaction Platform

Source: Meezan Bank