TechnologyFintechMobile number to be utilized as account number

Mobile number to be utilized as account number

The State Bank of Pakistan is established to clarify banking by permitting users to revolve their mobile phone numbers into bank account numbers to enlarge banking services to the unbanked and monetary precluded people living in remote and rural areas.

A user can connect his/her mobile phone number or any other recognition number with their bank account number under Raast said Syed Sohail Javaad State Bank of Pakistan Payment System Department Director on Tuesday. This attribute will be upraised in October 2021.

Saying at the UBL Digital Mobile Commerce 2021 on Tuesday, he elaborated that soon, people could provide their mobile numbers to attain instant remittance.

According to him, remembering a long IBAN or bank account number is one of the toughest things in the banking ecosystem. He told that this was in our mind when we initiated scheming Raast in 2017.

“Next year, we are focusing to launch exciting pull remittance service under which a retailer of goods can appeal banks to finance for the merchandise from purchaser account with his authorization,” he described.

Read More about Raast App

The central bank in cooperation with the Pakistan Telecommunication Authority has enabled cybersecurity of digital banking in the country. He mentioned, we stand 99.9% safe from the world’s security warnings and strikes. We have obtained warnings and successfully controlled them to prevent them on time.

He further described that the State Bank of Pakistan kept occasional sessions with banks’ chief information security officers.

When a cyber-threat happens to the knowledge of the central bank, we cooperate with Pakistan Telecommunication Authority and call banks to brief them about the warning and recommend actions for them to keep secure, he told.


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