Instant payments

January 15, 2021

The PTI-led government has launched an instant payment system called ‘Raast’. Such a digital system will help improve the tax collection system in the country. It was shocking to learn that only 2 million people out of 220 million people in the country pay taxes. Hence, the PTI-led government has taken help from the State Bank of Pakistan (SBP) and it will commence the first instant payment system in the country in order to collect taxes in a more effective manner. The people will also be able to transfer money to foreign countries through this payment system.

Digital payment systems are not uncommon in developed countries so such an initiative in Pakistan is a positive step.

Irfan Rasheed Baloch

Karachi