State Banks of Pakistan SBP has developed Pakistan’s first Instant payment system, called Raast, to offer instant, reliable and zero-cost digital payment services to the people of Pakistan with the objective of promoting the adoption of digital financial services in the country. With the launch of Raast, Pakistan has joined a select club of countries who have either launched or are in the process of launching Instant payment systems. The Raast system is fully owned and operated by State Bank of Pakistan. After the launch of the first phase of Raast, Bulk Payments in January 2021, State Bank of Pakistan is now introducing Raast digital systems.
Under Raast P2P fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application,
Prime Minister Imran Khan reiterated the pledge to boost the people out of poverty, saying if we succeeded in it, it will be the present government s big achievement.
The Prime Minister of Paksitan also directed the Governor State Bank of Pakistan to establish a special cell to further facilitate the overseas Pakistanis. He said overseas Pakistanis are our biggest asset and we need to further facilitate them.
Federal Finance Minister Shaukat Tarin, in his observations, termed Raast instant payment system as a revolution in digital banking which will promote e-commerce and IT related exports.
Shaukat Tarin said that the Prime Minister will soon announce some new initiatives to help the lower middle and salaried class affected by the price hike. He said Raast can also be used in implementation of those initiatives.
Highlighting the key features of Raast, Governor State Bank of Pakistan Raza Baqir said that this technological cutting-edge system, which is only available in few countries, will be completely free and the banks will not charge any fee on it. He asked the people to fully use the system for their payments outgoings and transitions.
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