The RAAST Payment system, introduced in February 2022, has witnessed remarkable growth, with the number of registered users reaching a significant milestone of almost 30 million by the end of March 2023. This surge indicates the widespread adoption and popularity of the system among the masses in Pakistan. The State Bank of Pakistan (SBP) reported a substantial increase in both the volume and value of transactions processed through RAAST during the first quarter of 2023.
Registered Users’ Growth
According to the SBP’s Payment System Review, the number of registered RAAST users stood at 29.2 million by March 2023. Comparatively, this figure reflects a notable rise from the 25.8 million registered users in the previous quarter, ending in December 2022.
Transaction Volume and Value Increase
The SBP’s report highlights that the volume of transactions processed through RAAST experienced an impressive growth rate of 92.2 percent during the January to March 2023 quarter. This surge led to a total of 41 million transactions. Additionally, the value of these transactions increased by 56 percent, amounting to Rs. 902 billion. These figures demonstrate the system’s effectiveness and its role in facilitating secure and convenient payment transactions.
Payment Breakdown
The RAAST Payment system facilitated two primary types of payments during this period. Bulk payments amounting to Rs. 29 billion and person-to-person payments summing up to Rs. 872 billion were processed. The system’s appeal to users lies in its ability to enable instant payments through internet and mobile banking, devoid of any service charges. This feature has contributed significantly to its growing popularity among the general population.
User Convenience and Accessibility
To enhance ease of use, customers can designate their registered mobile phone numbers as their unique Raast IDs. These IDs can be linked to their preferred International Bank Account Numbers (IBANs) through various channels, such as the bank’s mobile application, internet banking, or visiting a physical bank branch. Once the Raast ID is set, others can conveniently send money to the customer using their mobile phone number without requiring the account number or any other details. Furthermore, even customers without a Raast ID or those who prefer using their IBANs can still utilize the Raast service for sending or receiving funds.
The RAAST Payment system has experienced rapid growth since its launch, with the number of registered users approaching 30 million by March 2023. The significant increase in transaction volume and value reflects the system’s effectiveness in facilitating secure and hassle-free payments. With its user-friendly features and accessibility options, including the convenience of linking mobile phone numbers to Raast IDs, the system has gained popularity among the masses in Pakistan.