USING online banking channels has become necessary, if not inevitable, for various payments and money transfers. However, most people take into account the hidden charges or bank fee related to it. The cost and challenges associated with traditional banking channels and mobile wallets are often disquieting. Besides, people have also faced a variety of problems in their interbank transfers. All such elements work as impediments in the growth of online banking in the country.

I had never used the Raast platform that was introduced by the State Bank of Pakistan (SBP) a while ago. It was only recently that I had the occasion to use it, and found it to be an efficient mode of online transfers. It was instant, reliable and absolutely free of any charges. As I later came to know, the platform is available for mobilephone applications, internet banking and over-the-counter services.

Impressed by the facility, I find it crucial to raise awareness about Raast so that the people may take due benefit. All commercial banks allow customers to create a Raast identity (ID) by linking their preferred International Bank Account Number (IBAN) with their registered cellphone number. Once that has been created, it allows others to make money transfers by only using the cellphone number, taking away the need to remember account details and codes. Transfers can also be made even if the sender does not have a Raast ID.

On the basis of my own journey from ignorance to experience, I believe it is the general lack of awareness that is keeping the general public away from this facility. SBP should be proactive in this regard.

Azam Hameed
Multan

Published in Dawn, May 9th, 2024