Tuesday, 23 April 2024
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The State bank of Pakistan launching a new payment system called ‘Raast’

SBP going to launch a new digital payment system ‘RAAST’ from next week.

The State Bank of Pakistan (SBP) is ready to introduce a global payment system called ‘Raast’, which will be a huge leap in the digitization of the country’s financial system. Payment systems have been already introduced in modern countries such as the United Kingdom and Australia.

From Monday on wards, the central bank will initiate a new payment system called ‘Rast’, as we believe this a right way forward for the country,” Kamil said.

Kamil | Deputy Governor | State Bank of Pakistan |

This development announced by Deputy Governor SBP, Seema Kamil while talking to private media, he said that the central bank will introduce it from Monday, January 11, 2021. “Because we believe this is the right way forward for the country,” Kamil said.

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“Despite the availability of 160 million mobile phones, our digital economic partnership is very limited, as people rely on cash to pay,”

Deputy Governor | Kamil

Reduction in cash based transactions

Under the new system, the central bank aims to reduce the amount of cash-based transactions, he said, as the existing system creates a number of social problems.

In the first phase, immediate interest-bearing loans would be introduced to shareholders from listed companies. “In the next phase, it will take several months for the payment system to digitize payments to wages and pensions to government employees, which will be faster, freer and safer,”.

Deputy Governor | Kamil
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Earlier, SBP Governor Raza Baqir briefed the forum. On the significant progress made since the last stakeholder consultation meeting and the SBP’s key initiatives to facilitate digital payments. He said that the SBP-led Pakistan Instant Payments System project has made significant progress. With the participation of partners and the Prime Minister of Pakistan will soon begin the completion of its first phase. This phase will enable immediate transfer of interest payments to investors’ bank accounts directly through the Central Depository Company (CDC).

That in the next phase, payment system will digitize BISP and Ehsas payments by June. “The system will benefit about 16 million women,”

Deputy Governor | Kamil

This new digital payment system already introduced in some developed countries of the World. Like the United Kingdom and Australia. The Deputy Governor SBP informed that after June, ‘person to person’ payment will start. Till December, a common man can make payment through QR codes.

Deputy Governor Kamil Talking to media

Source | SBP | State Bank of Pakistan | Governor State Bank of Pakistan | Digital Payment System |

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