RAAST (PAKISTAN INSTANT PAYMENT SYSTEM)
RAAST (PAKISTAN INSTANT PAYMENT SYSTEM) is going to be Pakistan’s first instant digital payment system that enables end-to-end digital payments among businesses, individuals, and government entities instantaneously.
“RAAST (PAKISTAN INSTANT PAYMENT SYSTEM) is a big step towards realizing Pakistan’s potential; it will help the country move from cash economy to digital economy and help the government to collect more taxes when formal transaction channels are utilized more,”
Imran said, addressing the launching ceremony in the federal capital.
RAAST is developed through the collaboration between the State bank of Pakistan and the Bill & Melinda Gates Foundation with the support of the world bank, Britain, and the UN.
“I hope that in years to come we will look back and see this new digital public good as an important contribution to our shared goal of giving all people the tools they need to lift themselves out of poverty,” Bill Gates said in a statement read out at the announcement on Monday.
There are private telecommunication companies that are already offering digital payments such as JazzCash and Easypaisa. The vast population already uses these digital payment systems for their day-to-day transaction but RAAST is going to be the first which is going to link Government entities and financial institutions.
It will be used to modernize the payment system and is a step towards the digital world. If this can be also be utilized by freelancers it can also bring a boost to the economy as Pakistan is the 4th in the list of top 10 freelancing countries.
Who will be the End users?
Merchants, Businesses, and Small and medium-sized enterprises (SMEs) or small and medium-sized businesses and Consumers.
What are the Payment Channels?
The transaction will be held through the internet, phone, mobile, and agents.
Who are RAAST participants?
Banks, MFBs, PSPs EMIs, and Government entities