Pakistan · Account Transfer · Est. 2021
Pakistan's instant payment system launched by the State Bank of Pakistan (SBP) as part of its Digital Pakistan vision. Raast (meaning "direct path" in Urdu) enables 24/7 real-time transfers between banks and fintech providers via IBAN, mobile number (Raast ID), or CNIC (national ID). Designed with ISO 20022 messaging from the ground up, Raast supports P2P, P2M, and bulk/salary disbursements. With Pakistan's 220M+ population and only ~30% banked, Raast is a critical financial inclusion tool. It also includes a request-to-pay feature and plans for QR-based merchant payments.
| Capability | Status |
|---|---|
| QR Code Payments | — |
| Wallet Support | — |
| 24/7 Availability | ✓ |
| Cross-Border | — |
| ISO 20022 | ✓ |
| Request to Pay | — |
| Open API | ◐ |
| Alias/Proxy | ✓ |