Islamabad: Prime Minister (PM) Imran Khan on Tuesday (February 15) launched Raast (person-to-person payment system for instant digital transactions), according to news sources. This initiative will facilitate the common man by making it easy to make digital payments and bring them into the formal economy.
PM Khan, speaking at the launch ceremony, termed the country’s 220 million-strong population as a great asset if brought into the formal economy. He went on to say that if the said population was not brought into the economy, then it would have become a burden.
Moreover, the PM shared the details about the features of Raast. He notified that people can transfer money instantly from their phones and will not have to visit banks. He further added that the saving rate will increase which improve the tax to Gross Domestic Product (GDP) ratio and progress of the country.
State Bank of Pakistan (SBP) Governor Dr Reza Baqir disclosed that the Raast person-to-person payment system is a revolution for financial inclusion in the country. Through this initiative, people can pay each other with ease.
Sharing more details about Raast, the governor shared four special points. He elaborated that payment will be made within seconds, mobile phone number will be Raast ID number and will be linked to their bank account, there will be no banking fee, and it will be available on every channel.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
