ISLAMABAD: Pakistan’s first instant person-to-person digital payment system, Raast, was introduced by Prime Minister Imran Khan on Tuesday. Raast was developed by the State Bank of Pakistan.
The premier stated the country’s population may be turned into a real asset by integrating them in the official economy through the process of digitalization during a ceremony in Islamabad.
According to the premier, the Raast payment project would make it easier for consumers to perform financial transactions using their phones, and the new technology will also help boost saving rates and the tax-to-GDP ratio.
The Federal Board of Revenue (FBR), according to the prime minister, will also employ new technologies to track down those who are not paying taxes, regardless of their affluent lifestyle. During his speech, he emphasised his commitment to lifting the poor out of poverty.
The prime minister also asked the governor of the central bank to set up a special cell to help Pakistanis living abroad, calling them “our most valuable asset.”
The Raast fast payment system, according to Finance Minister Shaukat Tarin, is “a revolution in digital banking that would stimulate e-commerce and IT-related exports.”
According to Tarin, the premier will shortly unveil new efforts aimed at assisting the lower middle and salaried classes who are suffering from hyperinflation.
SBP Governor Reza Baqir highlighted the important characteristics of Raast, stating that the new technology will be absolutely free and that banks will not charge any fees for it. He urged individuals to make full advantage of the system when making payments.
The governor of the SBP noted that e-banking transactions totaled $500 billion last year, up 30% from the previous year.
Reza Baqir, referring to the central bank’s future intentions, stated that five licences will be awarded for the formation of digital banks, and that the SBP will begin a process for opening bank accounts remotely with the support of NADRA.
