— PM launches instant digital payment system Raast to boost financial inclusion, government revenues
ISLAMABAD: Terming the 220 million population of Pakistan as “the biggest human resource and asset”, Prime Minister Imran Khan on Tuesday underlined the need of bringing it into the formal economy through the use of the latest technology.
The prime minister was addressing the launching ceremony of Raast, a new State Bank of Pakistan-run instant digital payment system aimed at boosting financial inclusion and government revenue.
Merchants, businesses, individuals, fintechs, and government entities will be able to send and receive near real-time payments through the internet, mobile phones and agents.
Government payments, including salaries and pensions, will also be made through Raast, as well as payments for nationwide financial support programmes, such as the Benazir Income Support Programme (BISP), and the Ehsaas Emergency Cash initiative.
Developed through a multi-year collaboration between the SBP and the Bill & Melinda Gates Foundation, with support from the World Bank, the United Kingdom and the United Nations, one goal for Raast is to boost the involvement of women in the formal economy.
Several private-sector digital cash transfer systems that do not require a bank account, such as Jazz Cash operated by telecommunications company Jazz and Easypaisa operated by telecommunications company Telenor Pakistan, are already available in Pakistan, but Raast would be the...
Read Full Story: https://www.pakistantoday.com.pk/2022/02/15/use-of-latest-tech-vital-to-bring-population-into-formal-economy-imran/
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