By Uzma Zafar
ISLAMABAD: Prime Minister Imran Khan on Tuesday launched Pakistan’s first instant person-to-person digital payment system, Raast, developed by the State Bank of Pakistan.
Speaking during a ceremony in Islamabad, the premier said the country’s population can be turned into a real asset by involving them in the formal economy through the process of digitisation.
The Raast payment initiative will facilitate people to conduct monetary transactions through cell phones, said the premier, adding that the new technology will help improve the saving rates and tax-to-GDP ratio as well.
According to the prime minister, the Federal Board of Revenue (FBR) will also use new technology to trace those who are not paying taxes regardless of their lavish lifestyle. He reaffirmed the commitment to lift the masses out of poverty during the address.
The prime minister also directed the central bank chief to establish a special cell to further facilitate overseas Pakistanis, terming them “our biggest asset”.
Finance Minister Shaukat Tarin, in his remarks, termed the Raast instant payment system “a revolution in digital banking which will promote e-commerce and IT-related exports”.
Tarin said the premier will soon announce new initiatives to help the lower middle and salaried class affected by hyperinflation.
Highlighting the key features of Raast, SBP Governor Reza Baqir said the new technology will be completely free and the banks will not charge any fee on it. He asked the people to fully use the system for their payments.
The SBP governor pointed out that e-banking transactions worth $500 billion were carried out last year, witnessing a growth of 30 per cent.
Alluding to the future plans of the central bank, Reza Baqir said five licenses will be issued for the establishment of digital banks and added that the SBP, with the help of NADRA, will initiate a process for opening bank accounts remotely.
