Digital payment system ‘Raast’ will do the right thing by transacting and contributing to Pakistan’s economy using a regular digital financial service.
A major step towards achieving maximum efficiency in the economy of payment and digitization of sending and receiving. Prime Minister Imran Khan on Monday launched the country’s first instant digital payment system called ‘Raast’.
Addressing a launching ceremony at the State Bank of Pakistan in Islamabad, Raza Baqir highlighted the features of the upcoming system. “When this system moves forward, and when we integrate government departments into the system, government employees will immediately receive salaries, pensions. It will benefit a lot to savers, currently who have to stand in line at national savings centers. They will get paid in seconds.” He said.
“All these payments, inconveniences, opportunities for personnel to create inconveniences in the way of our people will be eliminated when the system is fully operational,”Raza Baqir | Governor State Bank of Pakistan |
SBP has developed this new system in collaboration with Karandaaz Pakistan to process instant payments. This new system called ‘Raast’ will solve the problems related to the payment system.
Baqir said international experience has shown that the State Bank of Pakistan’s (SBP) instant payment system is “revolutionizing” financial inclusion. “It’s about making things easier for people,”Raza Baqir | Governor State Bank of Pakistan |
A revolution in digital payment system
Baqir said the launch of the system would allow businesses to customize financial products and offers for their customers. “Every such direct transaction will create a digital history, offering financial products to banks as well as Fintech.”
In addition to revolutionizing financial inclusion, the state system also helps the government achieve another goal, which is its fight against corruption, the SBP governor said. “This is done by reducing and hopefully eliminating the need for cash. Cash is a life of corruption, forcing people out of cash but offering an attractive alternative.” It will shorten the life of corruption, and for that reason, we have called the instant payment system ‘right’, (Raast) which means direct route. “
The Raast is an Urdu word that has a very important meaning for Pakistan. One, it means a straight path for a short distance between two points. Second, it indicates the right way to choose and that is the message being conveyed here.
Talking about the Roshan Digital Accounts initiative, the SBP chief said that more than 70,000 accounts have been opened so far. “Every day, 500 to 1,000 accounts have been opened and about Usd280 million has already been remitted to these accounts,” he said.Raza Baqir | Governor State Bank of Pakistan |
Remittances from overseas Pakistanis are at record-breaking levels and have been around Usd2 billion a month since the beginning of the current financial year. The Raast Instant Payment System is an advanced retail payment system based on international standards such as ISO 20022 and other digital financial inclusion principles with first-class principles. It will become a core component of Pakistan’s payment infrastructure and allow everyone to send and receive payments instantly in a safe and secure manner.
‘Raast’ Instant Payment System Features:
Fast – Provide an end-to-end payment experience to the end user
Low Cost – Work on a cost recovery mindset to provide participants with lower transaction costs.
Introupable – Allow more payments from any channel
Easy – Adapt and improve convenience through universal payment identification. (e.g. mobile number, CNIC or a nickname using for complex account numbers)
Secure – Provide adequate verification options to ensure that funds are secure and that the system is well-secured. It will ensure the protection and verification of security data throughout the ecosystem.
Highly Accessible – Allow payment institutions such as banks, payment system operators and payment service providers, merchants. Government agencies to operate on an easier and wider ship through the API and ensure the system.
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