State Bank of Pakistan has taken the great initiative to introduce a fast digital transaction platform for the first time in the history of Pakistan. It is for the remittance and money transfer transaction and will help common men, businesses, and government agencies. Named, Raast, the system will be source of saving time and money for financial systems like banks and microfinance institutions. After its success in the business and investment sector last year, now access has been opened for common man. PM Imran Khan, on Tuesday, proudly launched this instant person to person payment method in Islamabad.
Technology these days is the way to improve saving tax rates and tax to GDP ratio. Hence, Pakistan’s economy with improve and this new effort by SBP will lead the country towards more accomplishments and advancements. He also adds that if the government succeeds in running this system efficiently, it will be a milestone in the alleviation and irradiation of poverty from the country.
During the launch ceremony, Imran Khan revealed that the Roast system is for low cost digital marketing and online money transfer. This new system will help the working sector of Pakistan to do the transactions sitting at their job places and homes through their cell phones.
It will also help the common person who avoids the hassle of going to the banks. Rendering to PM, the common person thinks that the banks serve people with suits first and tries to evade the stopover. This new digital transaction system will help these common people to do the money transfer transaction from their own mobiles. Hence, encouraging them to be part of the high tech society.
Raat system will not just be beneficial for the common man and working sector, but also will surely benefit the oversees Pakistanis. The Government receives complaints from them that they don’t get convenience in sending money back to their loved ones in Pakistan. This new digital system will surely give great help to these oversees Pakistanis and will solve their difficulties and complaints. He also directed Governor SBP to facilitate the overseas’ Pakistanis more as they are the biggest asset of Pakistan.
The Raast system will also be used in the Federal Board of Revenue (FBR) to track the people who don’t pay taxes. Moreover, Raast system can be affiliated with any bank account and it will bring more ease to people to do the transaction with no service charges.