On Tuesday, Prime Minister Imran Khan will unveil “Raast,” Pakistan’s first quick payment system established by the State Bank of Pakistan (SBP).
Farrukh Habib, Minister of State for Information and Broadcasting, stated in a tweet that the initiative intends to make digital payments more accessible to individuals.
Users will be able to send and receive money into their accounts using a mobile application, according to him.
The PM has previously stated that the cash economy is the greatest impediment to Pakistan’s 220 million people realising their full potential.
He said that the cash economy had a negative impact on tax collection, as evidenced by the fact that just two million people out of 220 million were tax filers, with 30,000 taxpayers accounting for 70% of overall tax revenue. He had stated that digital Pakistan was a step forward from a cash economy to a position where it could serve our 220 million citizens to the fullest extent possible.
Read more: SBP launches Raast, a free and quick P2P payment service.
The Prime Minister also praised the SBP for its work on the ‘Raast‘ programme and the bank’s efforts to engage overseas Pakistanis in encouraging them to send remittances through legitimate channels. As a result of these initiatives, foreign remittances have increased dramatically. He had stated that Pakistan’s current account deficit had turned into a surplus, reducing the pressure on the currency.
