Pakistan’s 1st Official Digital Wallet Launched - New Tech in Banking, Boosts up Economy, PM Khan

By Fazal Gilani | Gwadar Pro Feb 15, 2022

ISLAMABAD, Feb 15. (Gwadar Pro)-Prime Minister Imran Khan has launched Pakistan’s first person-to-person digital payment system called “RAAST”. Prime Minister Imran Khan said " the country's population of over 22 crores is our asset. The use of modern technology in the banking sector will strengthen the economy. "

Addressing the launch ceremony in Islamabad, Prime Minister Imran Khan said "eradication of poverty from the country is our priority. " He further told that the RAAST digital payment system would facilitate a common man, who will be able to transfer money with ease.

“Having a very low proportion to the GDP from tax collection in the country. Only 20 Lac people pay taxes, so with the help of advanced technology, we are focusing on increasing the taxation collection rate" PM Khan Stated.

Talking about the overseas Pakistanis and his government’s initiative of Roshan Digital Pakistan, the Prime Minister said that more facilities should be created for the nine million Pakistanis living abroad. The remittances sent by them are trigging an increase in the country's foreign exchange.

“RAAST” is a person-to-person payment system for instant digital transactions. This new tech in the banking system would allow its users to transfer money instantly on their mobile phones.

This digital payment system is a part of Imran Khan’s digital Pakistan vision. It could help poor segments of the country’s societies come into the mainstream of the digital wave. Digitalization will help the state get control over corruption. RAAST has been developed by SBP in collaboration with Bill and Melinda Gates Foundation and Karandaaz, Pakistan.

This new tech person-to-person digital payment system has special features too. RAAST users could transfer payments within seconds to each other by digital wallets, there would be no transactional or hidden banking fee on transferring money. RAAST ID number would be linked with mobile phone number and with bank accounts. If RAAST users feel no satisfaction with a bank’s services, they could switch to another bank from their same RAAST ID.

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