PM Launched Raast Payment System for Digital Transactions
Prime Minister Imran Khan reportedly unveiled Raast (a person-to-person payment system for quick digital transactions) on Tuesday in Islamabad. This endeavor will assist the common man because it will simplify digital payments and incorporate them into the official economy.
Government will pay employee salaries and pensions via Raast.
Prime Minister Khan, speaking at the event, hailed the country’s 220 million people as a tremendous asset if they were integrated into the formal economy. If the people was not integrated into the economy, he said, it would become a burden.
In addition, the PM elaborated on Raast’s characteristics. People will no longer need to visit banks since they will be able to instantly transfer money from their mobile devices. He continued by stating that the savings rate would increase, which would raise the tax-to-GDP ratio and the nation’s development.
Dr. Reza Baqir, the governor of the SBP, focused on Raast by identifying four important criteria. He went on to explain that payments would be processed in seconds, that the recipient’s mobile phone number would serve as their Raast ID number and be linked to their bank account, that there would be no banking costs, and that the service would be accessible across all channels.
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