Read on Twitter
Seems like a lot of people have basic questions on Raast. Since it is a @StateBank_Pak driven initiative, I think they need to drive customer awareness (through participating banks) too. Here, I can answer some of the most common questions I’ve come across: https://twitter.com/zubairkhanpk/status/1491388856536801280
1. What really is Raast?
A simpler way to send & receive money. You will not need to ask for, or share, bank a/c details. Once you link your mobile # with your bank a/c, you can ask people to send you money via Raast, to your mobile #. Money will deposit into yr linked bank a/c.
A simpler way to send & receive money. You will not need to ask for, or share, bank a/c details. Once you link your mobile # with your bank a/c, you can ask people to send you money via Raast, to your mobile #. Money will deposit into yr linked bank a/c.
2. Can I link any mobile number with my bank a/c for Raast?
No. You can only link the mobile number that is registered with your bank as your primary mobile number. You can link that primary number with any of the accounts with that bank.
No. You can only link the mobile number that is registered with your bank as your primary mobile number. You can link that primary number with any of the accounts with that bank.
3. Can I use the same mobile # to link to A/cs in different banks?
No. If you have the same mobile number with two different banks, you can only link it up to receive payments via Raast with one bank. If you want to switch to another bank a/c, delink with the 1st one.
No. If you have the same mobile number with two different banks, you can only link it up to receive payments via Raast with one bank. If you want to switch to another bank a/c, delink with the 1st one.
4. If I have two different mobile numbers registered with two banks, can I set up Raast on both?
Yes. One number can only be linked with one account, & since Raast is centralized, all banks can check if your number is already linked to another bank a/c.
Yes. One number can only be linked with one account, & since Raast is centralized, all banks can check if your number is already linked to another bank a/c.
5. Do the sender & receiver both have to be registered with Raast for a payment to go through?
No. Only the receiver has to be registered on Raast for you to send them money (via Raast) to their mobile #. You will have to register if you want to receive money to your mobile #.
No. Only the receiver has to be registered on Raast for you to send them money (via Raast) to their mobile #. You will have to register if you want to receive money to your mobile #.
6. How is this any different from IBFT or sending money via EasyPaisa?
Compared to IBFT (some banks have started charging again), Raast is free. It is also technically faster, but most customers won’t notice the difference. Unlike Easypaisa, the recipient has to have a bank a/c.
Compared to IBFT (some banks have started charging again), Raast is free. It is also technically faster, but most customers won’t notice the difference. Unlike Easypaisa, the recipient has to have a bank a/c.
7. How do I send money via Raast?
All banking apps & websites will have a Pay via Raast option in their Payments/Transfers section. To send money, you will enter the mobile # of recipient & the app will return their a/c title & bank name for you to validate. Enter amt & send
All banking apps & websites will have a Pay via Raast option in their Payments/Transfers section. To send money, you will enter the mobile # of recipient & the app will return their a/c title & bank name for you to validate. Enter amt & send
8. How do I receive money using my mobile #?
Register with Raast through your banking app. This means you’d link your registered number with an a/c in that bank. After that, ask ppl to send you money via Raast, & give them your mobile number only. It’ll deposit in linked a/c.
Register with Raast through your banking app. This means you’d link your registered number with an a/c in that bank. After that, ask ppl to send you money via Raast, & give them your mobile number only. It’ll deposit in linked a/c.
9. Are there transaction limits?
Right now, the only limits will be the ones imposed by your bank on your app/etc for all inter-bank transfers. With HBL, e.g, that’s 250k per day. With UBL, it’s 5m per day. This will vary from bank to bank.
Right now, the only limits will be the ones imposed by your bank on your app/etc for all inter-bank transfers. With HBL, e.g, that’s 250k per day. With UBL, it’s 5m per day. This will vary from bank to bank.
10. Is there a minimum limit?
Technically none. Depends on your banking app/platform. If they let you enter decimals in the amount field, you could send Re0.01. But I think most don’t. So I guess the min limit is Re1. We sent & recvd a lot of Re1s during testing
Technically none. Depends on your banking app/platform. If they let you enter decimals in the amount field, you could send Re0.01. But I think most don’t. So I guess the min limit is Re1. We sent & recvd a lot of Re1s during testing
