PM Imran Khan Has Launched Person-To-Person Digital Payment System Raast

For instant digital transactions, Raast person-to-person payment system is launched by Prime Minister Imran Khan on Tuesday, which would bring the masses into the fold of the formal economy and also create ease for them.

Premier said in the launch ceremony in Islamabad that if the 220 million-strong population is brought within the formal economy through digitalization it would become a great asset. On the contrary, it could become a burden if the majority of the population stayed outside of the formal economy and if the country did not take the advantage of digital technological advancements.

Sharing Raast features the prime minister stated that this system would create ease of services for the common man and especially for those people who were afraid of going into the banks, as now they could be able to transfer their money directly through their mobile phones.

The premier said that this digital payment system could bring people into the formal economy. Our saving rate is amongst the lowest. A country progresses when its saving increases. He further stated that the citizens would have to become part of the formal economy if the tax to GDP ((gross domestic product) ratio needed to be increased and if the country wants to progress.

The prime minister stated that the government is including more people into the tax net and warning the defaulters that it is getting the data very quickly and about to reach them.

The premier noted that the State Bank of Pakistan (SBP) is highly successful in involving overseas Pakistanis through Roshan Digital Accounts and to ease the process for them also advised the central bank to create a permanent cell.

He said that the overseas Pakistanis are the biggest asset who send the remittances which support Pakistan and played a big part in increasing national forex.

Premier further stated that this system would make it easier to provide money to the lower segment of the society as aid.

Raast has been developed by the collaboration of SBP with Karandaaz Pakistan and the Bill and Melinda Gates Foundation. It is part of PM Khan’s Digital Pakistan vision of including the poor segments of society in the formal economy.

Dr. Reza Baqir SBP Governor speaking at the beginning of the ceremony noted that the bank had been directed by the prime minister to find new ways to increase financial inclusion. Therefore, the SBP is taking the initiative of providing banking options to the citizens who did not have them previously.

Dr. Baqir stated the Raast person-to-person payment system would bring in a new revolution for financial inclusion in the country which will make it easier for the people to pay each other. 

He told that Raast Digital System has four special points and further elaborated that it would be available on every channel, there would be no banking fee, a person’s mobile phone number would be his Raast ID number and the payment could be done in seconds. If the customer is not happy with the banking service, he could de-link it from his Raast ID and could add another bank instead.