PM launches Pakistan's first instant digital payment system 'Raast'
Published On
Digital payments only account for 0.2% of Pakistan's ~100 billion transactions.
ISLAMABAD (Web Desk) - Prime Minister Imran Khan has launched the country’s first instant Digital Payment System ’Raast’ on Monday.
Raast is part of Prime Minister Imran Khan Digital Pakistan vision to include poor segments of the society in formal economy.
It will also enable secure, efficient and transparent financial transactions.
Raast: Pakistan’s Instant Payment System
According to website of State Bank of Pakistan, Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses and government entities instantaneously. The state-of-the-art Pakistan’s Faster Payment System will be used to settle small-value retail payments in real time while at the same time provide a cheap and universal access to all players in the financial industry including banks and fintechs.