PM launches ‘Raast’ instant payment system

Islamabad: Prime Minister Imran Khan Tuesday launched Pakistan's first instant person to person payment system 'Raast' developed by State Bank of Pakistan (SBP).

Speaking on the occasion, the Premier said that Pakistan’s population can be turned into a real asset by involving them in the formal economy through digitization.

“Raast will facilitate the common man to do their transactions through cell phones, besides it will also help improve the saving rates,” said Prime Minister.

Khan stated that technology is the way through which we can enhance our saving rates as well as tax to Gross Domestic Product (GDP) ratio to take the country forward. 

“We are also using technology in Federal Board of Revenue (FBR) in order to trace those who are not paying taxes regardless of lavish lifestyle,” he added.

The cricketer-turned politician reaffirmed the commitment to lift the people out of poverty, saying if we succeeded in it, it will be the present government's big achievement.  

Imran Khan also directed the Governor SBP to establish a special cell to further facilitate the overseas Pakistanis. 

“Overseas Pakistanis are our biggest asset and we need to further facilitate them,” added Imran Khan.

Finance Minister Shaukat Tarin, in his remarks, termed Raast instant payment system as a revolution in digital banking which will promote e-commerce and IT related exports.

Highlighting the key features of Raast, Governor State Bank of Pakistan Reza Baqir said this technological advanced 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.

The Governor pointed out that 

“E-banking transactions worth five hundred billion dollars were carried out last year,” he pointed out, adding that a growth of 30% is being witnessed in e-banking transactions and these will further increase through Raast.

The SBP Governor further added that the authorities are also enabling the people to remotely open their bank accounts with the help of National Database and Registration Authority (NADRA).