ISLAMABAD – Prime Minister Imran Khan has launched the country’s first instant payment system Raast.
Addressing the ceremony in the country’s federal capital, the premier Pakistani population could become a great asset if brought within the formal economy through digitalization.
He added that it would become a burden if the country did not take advantage of technological advancements while adding that the majority of the population remained outside the formal economy.
LIVE #APPNews : Prime Minister @ImranKhanPTI addressing launching ceremony Digital Payment System #Raast @StateBank_Pak #Islamabad @PakPMO https://t.co/pQiLMVtVub
— APP (@appcsocialmedia) February 15, 2022
Shedding light on the initiative, Khan said it would create ease for the common man, especially those who were afraid of going to banks because now they would be able to transfer money instantly through their mobile phones.
The public would have to become part of the formal economy if the country was to progress and the tax to GDP ratio would have to be increased, he stressed.
Raast is part of Prime Minister Imran’s Digital Pakistan vision to include the poor segments of society in formal economy. It has been developed by the State Bank of Pakistan (SBP) in collaboration with the Bill and Melinda Gates Foundation and Karandaaz, Pakistan.
گذشتہ سال راست کے کاروبار و سرمایہ کاری کی سطح پر اجراء اور کامیابی کے بعد اس کا عام آدمی کی سہولت کیلئے شہریوں کی سطح پر اجراء کیا جا رہا ہے. راست کے اجراء سے عام آدمی کی بنکنگ چینلز اور الیکٹرانک ٹرانزیکشنز تک رسائی فوری اور آسان ہوگی.
— Prime Minister's Office (@PakPMO) February 15, 2022
The program developed by the State Bank of Pakistan aims at facilitating digital payments amongst people. Users will be able to send and receive money in their accounts through a mobile application.
PM Imran to launch Pakistan Digital City Technology Zone in Haripur today
State Bank of Pakistan (SBP) last week introduced the first instant Digital Payment System aimed at providing free, fast, and reliable digital person-to-person (P2P) payments service to people of the country.
The initiative will not only provide a convenient and hassle-free digital fund transfer service to customers but will also provide an efficient and enabling payments infrastructure that would pave the way for digitization of the economy and promotion of digital financial services in the country.
