Karachi: The State Bank of Pakistan (SBP) on Thursday (February) launched Pakistan’s first digital Person-to-Person (P2P) fund transfer system under ‘Raast’ initiative, news sources reported. The central bank mandated that banks provide accessible financial services to clients via digital banking apps, online banking, and in-person assistance.
Reportedly, SBP Raast P2P cash transfers and settlement services would allow bank clients to send and receive funds in their accounts using their bank’s mobile application. Every banking customer will be able to use Raast P2P fund transfer services by associating their CNIC with their International Banking Number (IBAN) via their bank’s mobile app, internet banking, or by visiting their local branch. Following the first setup, consumers will be able to send money through SMS or the CNIC app without knowing any additional information.
Banks that have achieved SBP-required IT infrastructure and security levels for digital banking and payment will provide the P2P system in the first phase. Banks will, nevertheless, be allowed to utilise IBAN for transactions. According to sources, the government has chosen to expand banking coverage to a more significant country population by implementing a branchless banking system.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
