How to create Raast ID using Telenor Easypaisa mobile application | Raast Pakistan Instant Payment System


Raast – Pakistan’s Instant Payment System Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments between individuals, businesses and government entities instantly. The state-of-the-art Pakistan Faster Payment System will be used to settle small-value retail payments in real time while providing cheap and universal access to all players in the financial industry, including banks and fintechs. Pakistan has had low electronic transactions for a number of reasons, including low banking penetration, lack of trust and awareness of digital payment methods, limited interoperability, difficult accessibility, and high transaction costs. Pakistan’s Real Time Gross Settlement System (RTGS) provides instant payment settlements for corporate and high value transactions only. Raast: Pakistan’s instant payment system will facilitate the settlement of retail payments with great efficiency. Digital payments only account for 0.2% of Pakistan’s approximately 100 billion transactions today, while the proportion of digital transactions1 in peer countries ranges from 1.5% to 7%. This can be primarily attributed to challenges within the payment ecosystem, including:  Limited interoperability: Financial institutions (i.e. digital payment service providers) find it difficult to connect with each other due to a lack of core infrastructure  High Cost of Digital Payments to the End User: End users are charged high fees for transferring money digitally, making digital payments unaffordable for a large part of the population.  Poor user experience: end users have to go through a complex process to make digital payments and there are no digital payment modes that are widely accepted by merchants  Lack of security: currently available digital payment types and infrastructure do not offer Sufficient/adequate authentication and data protection Features of Raast  Instant payments: Near real-time digital payments between individuals, merchants, businesses, and government entities  Low or no transaction costs for end users: Raast is designed to operate with a cost recovery model to make digital payments affordable for end users of all socioeconomic levels  Full industry-wide interoperability: Raast will enable all financial institutions to seamlessly connect with each other through a single infrastructure link, making digital payments accessible through from any channel to the customers of any financial institution  Innovative customer-centric products/services: Raast will be based on cutting-edge technology standards, enabling financial institutions to develop innovative and user-friendly digital payment products and services (eg, example, payment via phone number/email).  Enhanced Reliability and Security: Raast will introduce more secure payment types, ensure that each transaction is authorized by the payer, and offer enhanced data protection and fraud detection services. .

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Viralrook: How to create Raast ID using Telenor Easypaisa mobile application | Raast Pakistan Instant Payment System
How to create Raast ID using Telenor Easypaisa mobile application | Raast Pakistan Instant Payment System
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