Prime Minister Imran Khan launched a new service called Raast Digital. Coming to us with the collaboration of State Bank of Pakistan, Imran Khan launched the new service in Islamabad. The event went live on Facebook as well on State Bank of Pakistan’s official page.
Raast is Pakistan’s instant payment system that will feature collaboration of government entities, banks, microfinance banks as well as fintechs that offer payment services to the general public. Here is what we know about this new service and how it can be a help you in the grand scheme of things.
PM @ImranKhanPTI to launch #RaastbySBP– #Pakistan’s Instant Payment System- today in Islamabad. Join us on #Facebook to watch the launching ceremony live at 4:30 pm PST @ https://t.co/3SvaR9yXbJ pic.twitter.com/6WluDKJqq4
— SBP (@StateBank_Pak) January 11, 2021
What is Raast by State Bank of Pakistan
Raast is uniquely Pakistani, It is an instant payment system that will directly address the challenges that the users face with payment systems. With this new system, people will be able to instantly handle their domestic monetary issues such as P2P account transfer, salaries, wages, pensions, merchant payments and a lot more.
Pakistan's Instant Payment System Raast has microfinance banks, Government entities, banks and fintechs (payment service providers and operators) as participants.#RaastBySBP@StateBank_Pak pic.twitter.com/CGG0D4VmD1
— Government of Pakistan (@GovtofPakistan) January 11, 2021
This is one step closer to becoming a digitalized country and further improve the financial mechanism of the country. Raast is promised to be secure, swift and economical. This is supposed to be the cheapest online and digital payment platform, so common men and women are looking forward to using it.
Raast, Pakistan's instant payment system is designed to address challenges in the payment system.#RaastbySBP@StateBank_Pak pic.twitter.com/JEx2V4T5Ko
— Government of Pakistan (@GovtofPakistan) January 11, 2021
It is aimed to help out small business, add more inclusivity, promote new business million, es and make online payment much easier. Some of the key feature of Raast include:
- 8 million payment cards
- More than 8.9 million mobile banking users that it will cater to
- Has over 15,770 ATMs
- 50 PRISM Participants
With Raast, users will have low to almost no transaction costs, instant payments as well as the customer centric services. This digital banking form will reduce cash form banking and offer internet banking services to wider audience in Pakistan.
Raast will enable common everyday use cases including domestic P2P account transfer, merchant payments, salaries, pension, wages and many more.#RaastBySBP@StateBank_Pak pic.twitter.com/T23TVDewjg
— Government of Pakistan (@GovtofPakistan) January 11, 2021
Sima Kamil, the State Bank of Pakistan Deputy Governor stated, “In the next phase, that will take a number of months the payment system would digitize the payments made to government employees in wages and pension, this would be fast, free and safe.”
We can hope that this is the new and better step towards Nayya Pakistan that we were so gloriously promised.
