Prime Minister Imran Khan on Tuesday launched Pakistan’s first Instant payment system, called Raast, developed by the State Bank of Pakistan.
Raast is an instant person-to-person digital payment system developed to provide reliable, fast, and zero-cost digital payment services to the citizens of Pakistan with the aim to promote the adoption of digital financial services in the country.
Modern technology will boost saving rates: PM
Addressing the launching ceremony in Islamabad, the Prime Minister said the country’s population can be turned into a real asset by involving them in the formal economy through the process of digitization.
He said that Raast payment system will assist people in carrying out financial transactions through mobile phones and that modern technology will help enhance the saving rates and tax-to-GDP ratio as well.
FBR to use technology to catch tax defaulters
According to the premier, the Federal Board of Revenue (FBR) is also using the new technology to trace the people who despite their lavish lifestyles are tax defaulters. He further reassured the commitment to lift the masses out of poverty during the address.
PM Imran Khan also directed the Governor SBP to set up a special cell to further facilitate the overseas Pakistanis, calling them “our biggest asset”.
Features
Highlighting the key features of Raast, Governor State Bank of Pakistan, Reza Baqir said that the innovative technology will be completely free and the banks will not charge any fee on it. He urged the people to fully use the system for their payments.
The Governor pointed out that e-banking transactions worth five hundred billion dollars were carried out last year, witnessing a growth of thirty percent. He said the growth will further increase through Raast.
Digital bank licenses
Alluding to the future plans of the central bank, Reza Baqir said five licenses will be issued for the establishment of digital banks and added that the SBP, with the help of NADRA, will initiate a process for opening bank accounts remotely.