PM Imran launches ‘Raast’ person-to-person instant payment system

ISLAMABAD: For the first time in Pakistan, Prime Minister Imran Khan Tuesday launched a person-to-person instant payment system named, “Raast”, to facilitate the common man.

Addressing the launching ceremony of “Raast”, PM Imran said that the new system, developed by State Bank of Pakistan, will facilitate the common man to do their transactions through cell phones, besides it will also help improve the saving rates, Radio Pakistan reported.   

“The country's population can be turned into a real asset by involving them in the formal economy through digitization,” he added.

Technology is the way through which we can enhance our saving rates as well as tax to GDP ratio to take the country forward, the prime minister said, adding that they were also using technology in FBR in order to trace those who were not paying taxes regardless of lavish lifestyle.

PM Imran Khan vowed to lift the people out of poverty. 

He also directed the governor SBP to establish a special cell to further facilitate the overseas Pakistanis. “Overseas Pakistanis are our biggest asset and we need to further facilitate them,” he added.

Tarin terms Raast a revolution in digital banking

In his remarks, Finance Minister Shaukat Tarin termed Raast instant payment system a revolution in digital banking which will promote e-commerce and IT-related exports.

Shaukat Tarin said the PM will soon announce some new initiatives to help the lower middle and salaried class affected by the price hike. He said Raast can also be used in the implementation of those initiatives.