Digital payment system to help Pakistan move towards cashless economyAbdul Gh Lone 14 January 2021 0 COMMENTS
The State Bank recently launched Raast, an instant digital payment system, in Islamabad. Raast is part of prime minister’s vision to include poorer segments of the society into the formal economy. State Bank Director Payment System Sohail Jawad said that the system will also enable secure, efficient, and transparent financial transactions. It will enable end-to-end digital payments among individuals, businesses, and government entities instantaneously. Under the Raast digital payments initiative, instant credit of dividends from listed companies to shareholders will be initiated. In the next phase, the payment system would digitise the pensions and wages made to the government employees. Moreover, digital payments between people would also be made easier.