Prime Minister Khan launched Raast, Pakistan’s first instant digital payment system. The SBP aims to reduce the number of cash transactions as the prevailing system creates several social problems. This is one of the best systems introduced by the Government of Pakistan in the digital world by introducing the Raast Instant Payment System.
The State Bank of Pakistan has decided to implement a world-class payment system called Raast, a big step in digitalizing Pakistan’s financial mechanism. Pakistan Raast Instant Payment System help peoples to send and receive money online from anywhere within seconds without any difficulties.
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Raast Pakistani Instant Payment System Complete Guide 2023
This was announced in an interview with private media by the deputy governor of the SBP, Sima Kamil.
Said: “The Central Bank Will Integrate a New Payment System Called Raast Instant Payment System (January 3). This is a blue-collar address for the country.”The Deputy Governor added that despite the availability of 160 million mobile phones, our participation in the digital economy is minimal as many people rely on cash.
More Information: She said that under the new system ( Instant Payment System), SBP seeks to reduce the volume of cash transactions as several social problems arise from the prevailing system.
Ehsaas Program Payment Through Pakistan Raast Digital Payment System
In the Future, Ehsaas Programs running the government of Pakistan for helping peoples, their payment will also be made through a new system. Speaking about the scale of the Raast instant payment system, Kamil said that the future payment system would digitize BISP and Ehsaas payments at the next stage by June.
Following Most Active and Papoular Ehsaas Programs
This system will help nearly sixteen million women. The new payment system had previously been introduced in developed countries, including the UK and Australia. The Deputy Governor said that payments “from one person to another” will begin after June, and by December, an ordinary man will be able to make payments via QR codes.
What is Raast Instant payment system? How Digital Instant Payment System Works?
On Monday, the Raast instant payment system unveiled by Prime Minister Imran Khan has been named the first digital payment system in Pakistan. Raast payment system eliminates long queues of pensioners. It means pensioners can receive their payments through the Raast digital payment system. According to the prime minister, the new Raast payment system will help stop corruption and rid people of the habit of having cash.
Under the new system of proper payments developed in collaboration with international organizations, people will receive government payments such as unpaid salaries and pensions. People will not have to go to the bank for pensions or wages.
SBP Governor Raza Baqir said at the inaugural ceremony of the live broadcast that the threat to the life of corruption would also be eliminated as the new system of payment of RST would eliminate dependence on cash.
Benefits Of Raast Payment System
- Companies will transfer salaries through this system.
- Pensioners can receive their payments through the Raast digital payment system.
- The goverment will transfer Ehsaas Program payment to this Raast payment system
- BISP payments will be transferred through this system
- Instant payment transfer to another person
- No need to carry cash
- It can help to stop corruption
- The Raast payment system will make sure that the worthy do not have to wait in long queues.
Raast payment system for the stock exchange
In the first phase of the new Raast digital payment system, listed shareholders will immediately transfer profits to shareholders.
Previously, shareholders had to wait weeks for this. Likewise, steps will be taken to directly link government pensions and wages to the system and make them immediately available to consumers.
Phase 2 will begin by June and begin digital payments through the Benazir Revenue Support Program and the Ehsaas Program through Raast Digital Payment.
The Raast payment system will make sure that the worthy do not have to wait in long queues. She added that over 1.5 million women would benefit from this opportunity.
In the post-June phase, the Rast digital payment system will expand from one person to another. And it will be easier than regular banking because it won’t use a 14-digit bank account but will make payments through a mobile phone number.
According to SBP Deputy Governor Sima Kamil, Pakistanis will be able to make payments using QR codes by the end of the year, and it will be the most advanced system in the world.