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What Raast actually is
Raast is the national infrastructure that connected banks and payment service providers use to move money between accounts in real time. SBP describes it as the country’s first instant payment system, intended to support end-to-end digital payments among individuals, businesses and government entities. For an ordinary user, that infrastructure shows up as a feature inside a banking app, an internet banking page, a USSD menu or, at some institutions, a branch counter.
Two points matter most. First, Raast is a network, so access starts with an account at a participating institution. Second, SBP’s current peer-to-peer (P2P) guidance covers transfers within Pakistan only. International transfers are outside the service.
The concepts you need: IBAN and Raast ID
Raast supports two ways to identify the recipient. Knowing the difference saves mistakes.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches| Identifier | What it is | Who must register it | What to watch for |
|---|---|---|---|
| IBAN | The full international bank account number of the recipient | Nothing extra; it is the existing account number | Long and easy to mistype; SBP lists it as a valid Raast destination for senders |
| Raast ID (mobile number) | An alias linked to a bank account. SBP identifies the mobile number as the current Raast ID | The recipient registers it with their provider and links it to one account | One Raast ID can be tied to one account at a time. Changing or removing the link goes through the provider |
A sender does not need a Raast ID of their own. Registration matters only for the person who wants to receive money by alias.
How to send and receive, step by step
Confirm your provider supports Raast
Open your bank or wallet’s app or website, or call customer support, and ask whether Raast is enabled on your account and which channels are available (mobile app, internet banking, USSD or branch). SBP lists all four as possible channels, but each provider decides which to offer.
To receive money with your phone number
- Log in to your provider’s app or internet banking and look for the Raast registration option.
- Register your mobile number as your Raast ID and link it to the account where you want funds credited.
- Give the sender your mobile number, or your IBAN if they prefer it.
If you later want to move the alias to a different account, the change has to be made through your provider, because the link is one-to-one at any given time.
To send money
- Open your provider’s Raast option for transfers.
- Enter the recipient’s Raast ID (mobile number) or IBAN.
- Check the recipient’s name as shown on screen, if your provider displays it, and enter the amount within your provider’s limit.
- Review every detail and confirm.
- Save the transaction reference or confirmation screen.
If something goes wrong
SBP’s FAQ directs complaints to the relevant provider, so start with your bank or wallet’s customer support and keep the confirmation. Raast transactions are final and irrevocable under SBP’s 2022 directions, which is why the checks in step 3 and 4 matter more than any later complaint.
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Where it helps in ordinary life
Sending money to family or friends
A ten-digit mobile number is easier to share and to read back than a 24-character IBAN. For regular transfers to the same person, that alone reduces typing errors. SBP’s P2P FAQ says these transfers are currently free to customers, though this is a policy statement that can change and applies to Raast transactions described in that FAQ, not to every service your provider offers.
Receiving money without sharing your bank details
Linking a mobile number means you can ask for money without giving out your account number. This is a convenience, not a security feature. Anyone who has the alias can send to it, so treat the Raast ID the way you would treat any payment identifier.
Paying participating merchants
SBP describes Raast P2M, its merchant-acceptance service, with four modes: Request to Pay (now or later), IBAN, merchant alias, and static or dynamic QR codes. Merchants have to enable acceptance through their own bank or payment provider. A QR code or alias at one shop does not mean every shop accepts Raast, and you should ask before assuming it does.
Usage so far
In SBP’s Government Annual Report 2025, the P2M module recorded 4.9 million transactions worth Rs 14.9 billion in its first year. That is a figure for one merchant module over one reporting year. It is not a total for all Raast payments and not a measure of how many people use the service today.
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What Raast will not do for you
- It does not work without an eligible bank or payment service provider account.
- It does not cover international transfers, according to SBP’s P2P FAQ.
- It does not set one universal transfer limit. Limits depend on your provider and account type, and SBP’s 2022 circular lets providers set customer limits based on risk and account type within its framework. Ask your bank for your exact figure.
- It does not reverse a mistaken payment on its own. Because transactions are final, a wrong recipient or amount is a problem you must raise quickly with your provider.
The QR subsidy has ended
The government allocated PKR 3.5 billion to subsidise Raast P2M QR transactions conducted from 1 September 2025 through 30 June 2026. The circular set the subsidy at 0.5% of transaction value or PKR 100, whichever was lower. That period has ended as of this article’s date, so do not expect the subsidy to apply to new payments unless a new circular announces it.
Questions to ask your bank before you rely on Raast
- Is Raast enabled on my account, and through which channels?
- Can I register my mobile number as a Raast ID, and is it linked to the account I want?
- What is my per-transaction and daily limit for Raast transfers?
- Are P2P transfers free on my account, and are any other Raast-related charges applied?
- How do I report a wrong transfer, and how quickly can you act on it?
Raast gives an everyday Pakistani a faster, alias-based way to move money inside the country, with the most value for regular transfers to people who already bank on the network. Its benefits depend on the specific bank or wallet you use, so the answers above are the ones that determine whether it helps you.
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