Prime Minister Imran Khan unveiled ‘Raast,’ the country’s first digital payment system for low-cost retail payments and money transfers, on Tuesday.
The State Bank of Pakistan’s Raast program is a digital platform for remittances and transactions between citizens, businesses, and government agencies.
The digitally faster and easier system will make it easier for the average person to access banking channels and electronic transactions.
Simultaneously, it will enable various financial institutions, such as commercial banks, microfinance institutions, banks, government agencies, and Fintax, to gain access to and connect to the central system at a low cost and in a limited time.
Following its success indirect business and investment last year, it has now been launched at the citizen level for the convenience of the common man.
The State Bank of Pakistan (SBP) launched the country’s first instant Digital Payment System last week, with the goal of providing free, fast, and dependable digital person-to-person (P2P) payments services.
The initiative will not only provide customers with a convenient and hassle-free digital fund transfer service, but it will also provide an efficient and enabling payments infrastructure, paving the way for the country’s economic digitization and promotion of digital financial services.