On Tuesday, Prime Minister Imran Khan launched ‘Raast,’ Pakistan’s first instant P2P payment system developed by the State Bank of Pakistan, in Islamabad.
Speaking at the event, the Prime Minister stated that by involving the country’s population in the formal economy through digitization, the population can be turned into a real asset.
Imran Khan stated that Raast, an instant P2P payment system would make it easier for the common man to conduct transactions via cell phones and would also help improve savings rates.
Imran Khan stated that technological advancements can boost our savings rates and tax-to-GDP ratios, allowing us to move the country forward. He also stated that the FBR is using technology to track down those who are not paying taxes, regardless of their lavish lifestyle.
Imran Khan reaffirmed the government’s commitment to lifting people out of poverty, saying that reaching the milestone would be one of the most significant achievements of the current administration.
The Prime Minister also directed the Governor of the State Bank of Pakistan to establish a special cell to assist Pakistanis living abroad. He stated that overseas Pakistanis are our most valuable asset, and that we must continue to assist them.
In his remarks, Finance Minister Shaukat Tarin described the Raast instant payment system as a revolution in digital banking that will boost e-commerce and IT-related exports.
According to Shaukat Tarin, the Prime Minister will soon announce new initiatives to assist the lower middle and salaried classes affected by the price increase. Raast, he says, can also be used to help with the implementation of those initiatives.
Dr. Reza Baqir, Governor State Bank of Pakistan, highlighted the key features of Raast, saying that this technologically advanced system, which is only available in a few countries, will be completely free and banks will not charge any fees for it. He requested that the people use this system for their payments.
Last year, $500 billion in e-banking transactions were completed, according to the Governor. He stated that e-banking transactions have increased by 30% and will continue to grow as a result of Raast.
Reza Baqir, highlighting the central bank’s future plans stated that, five new digital bank licenses will be issued soon, catering to the common man.
He stated that a system is being developed in which the NADRA system will allow people to open bank accounts remotely. He claims that this measure will encourage more people to use the banking system.
To read our blog on “SBP launches instant and free P2P payments system under Raast,” click here.
